Elliott Wave Analysis: USDMXN Intraday View

By: Gregor Horvat | Tue, Nov 22, 2016
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USDMXN has five waves down from 21.40 area, wave A that belongs to a bigger and still ongoing retracement. We are tracking wave 4, which can be headed back to 19.50 area after a completed bounce up in current wave B that can see a top near 21.00 later this week. This whole pullback from the high can be wave four as part of an ending diagonal in context of a bigger Elliott Wave cycle.

USDMXN, 4H

USD/MXN 4-Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.

Basic Ending Diagonal Pattern:

Idealized Elliott Wave Basic Ending Diagonal Pattern

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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