USDMXN - At reversal zone

Expecting a bearish reversal very soon here.

The higher time frame count suggests that we should see a sharp reversal lower as potential wave 3 or wave C.

But because we have a nice round base here, this could become a Cup and Handle pattern which is bullish!
In that case, we should see price retrace around half of this move up before reversing higher.

Key to understand what will happen will be to understand how the move lower will unfold,
choppy and overlapping taking a lot of time-> Bullish
sharp and quick -> Bearish.

註釋

Don't hesitate to like and share my ideas
Also, Subscribe to my FREE Telegram Channel for MANY more updates
t.me/em16public

If you have ANY questions, reach out to me through
comments, chat or my Telegram t.me/ewbelgium

註釋

We got a nice sharp drop that looks impulsive. We have 3 for now so could see a small consolidation till we get the NFP coming out after which we should see a fifth wave lower.

註釋

Still in wave 4 consolidation for now but might resolve lower soon after Powell's speeches

註釋

Wave 4 took a bit more time than expected but it's still valid.
I would like a new low, even if briefly to consider a completed impulsive wave but it's not a bad idea to take some profits on your shorts even at current level.