Elliott Wave Analysis: Intraday Structure On USDMXN Points Lower

On the intraday chart of USDMXN, we are observing a nice impulsive 5 wave fall and its contra-trend movement labeled as A-B and C, that could already be completed, meaning that more weakness could follow. Looks like that formal wave 4 at 18.7031 and 38.2 Fibonacci ratio became a resistance zone and a possible new turning point lower.

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