GOLD
Gold is moving sideways, still trapped in a triangle correction labeled as wave B, from where we expect a push to the upside, into wave C of B above 1200 and possibly to 1210/15 area.
GOLD, 1H
USDMXN
USDMXN is moving lower at the moment, now slightly beneath the channel support line that can open the door for aggressive sell-off in the next few days, but we need to see a daily close price before the continuation lower can be confirmed.
USDMXN, 1H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern:
