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America Movil S.A.B. DE C.V. ADR(AMX-N)

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AMX: Should It Be Ready For Next Rally ?

Elliott Wave Forecast - Tue Dec 27, 2022

America Movil, S.A.B. de C.V. (AMX)  provides telecommunication services in Latic America & internationally. The company offers wireless & fixed voice services, including local, domestic & international long-distance services & network interconnection services along with data services. It is based in Mexico, comes under Communication services sector & trades as “AMX” ticket at NYSE.

As showing in previous article, AMX ended wave I as impulse at $22.65 high & proposed ended II correction at $16.13 low on 10/13/2022 low between blue box area. Buyers from the blue box area is already having risk free position. It still needs to break above wave I high to confirm the next leg higher. Short term, it favors correcting lower either in ((2)) or can be double correction in II, if breaks below $16.13 low.

AMX - Elliott Wave Latest Weekly View: 

It favored ended ((1)) at $14.77 high on 6/08/2020 & ((2)) at $11.59 low on 9/24/2020. ((2)) was 0.618 Fibonacci retracement of ((1)). While above there, it extended higher third wave extension. It ended ((3)) at $22.60 high on 4/18/2022. While below there, it placed ((4)) at $18.19 low as 0.382 Fibonacci retracement. Finally, it ended ((5)) at $22.65 high on 5/27/2022 as wave I as minor high above ((3)). Below there, it proposed ended II at $16.13 low in blue box area as zigzag.

AMX - Elliott Wave Latest Daily View: 

Above II low of $16.13, it placed ((1)) at $20.75 high & favors correcting lower in ((2)). It favored ended 1 of (A) at $17.75 low, while above there it expects bounce in 2 of (A). Later it expects weakness in (A) leg as the part of ((2)). Ideally, ((2)) should hold above $16.13 low to resume higher in ((3)) of III red, which confirms above ((1)) high. Alternatively, if it breaks below $16.13 low, it can do larger double correction in II, which extend further downside between $14.22 - $10.19 area before turning higher.

AMX - Alternate Elliott Wave Weekly View: 


On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.