Mexican Peso: ElliottWave forecast

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Mexican Peso daily chart


In the above chart, it is so clear that prices have broken the triangle pattern. This making it clear that the trend is negative. A symmetrical triangle pattern when is completed we should always wait for the breakout. However, ElliottWave has a different approach for it.

As per wave theory, prices have completed wave b in a triangle pattern which looks to be a zigzag as wave e of triangle ended at 61.8% of it's previous wave a. This means wave c can now move down near till wave a which is placed at 17.50.

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