USDMXN finished its wave 5 on the last week of Nov 2016. Currently trapped in a range (pause mode), don't know how to interpret the higher-high after Nov 2016 but to me can be viewed as the end of wave 5. The most likely scenario is down but don't take that for granted. Wave A-B-C within the larger wave. My take is that it's going to be trapped on the range until there's more clarity regarding USA's position on the NAFTA.