USDMXN: promised 20+

USDMXN: break through the signal level ended up in the ideal target region - at 20.47554 level. Extension to 21.30 is possible though I could hardly expect a rally over 20.76.
Either way, there is a reasonable possibility of the top is in place in the wave C of (B) - and IF this count will play out then next target resides in 15.90 area. 

I am waiting for initial 5 waves down to be followed by corrective bounce to be more certain on the count. Massive shorts without confirmation of the top are premature.

BaseCase - MXN - 4 hr - 05-06-2018 - 1
BaseCase - MXN - 4 hr - 05-06-2018 - 1
BaseCase - MXN - daily - 05-06-2018 - 1
BaseCase - MXN - daily - 05-06-2018 - 1
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.