Broken Trendline Keeps USDMXN In Downtrend For Wave 5

Broken Trendline Keeps USDMXN In Downtrend For Wave 5 from technical point of view and by Elliott wave theory.

USDMXN shorts are doing very well as we mentioned and highlighted on October 12, when we spotted a corrective recovery in wave (4).

As you can see today, USDMXN turned nicely down from projected resistance and it can be headed much lower as bulls failed to break above the daily trendline resistance in October. So this was seen as a corrective and temporary bounce; wave (4), which puts wave (5) in action after broken trendline support, so weakness is ready to resume, ideally down to 16.00.