AMX : Should Expect Short Term Pullback

America Movil, S.A.B. de C.V. (AMX) provides telecommunication services in Latin 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 and trades as “AMX” ticket at NYSE.

Since 2007, AMX made a lower low at $10.12 during global sell off on 4/16/2020. While above there, it favored ended impulse sequence at $22.65 high. Currently, it favors correcting in II as zigzag towards $16.83 – $14.48 area.

AMX – Elliott Wave Latest Daily 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)). Above there, it shows 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 favors correcting lower in II as zigzag correction.

It placed ((A)) at $18.88 low and ((B)) at $20.64 high. Below there, it favors a corrective bounce in (2) of ((C)) before downside resumes. Ideally ((C)) leg expect to extend lower towards $16.83 – $14.48 area to finish II correction. It expect to resume upside later in III or at least 3 swing larger bounce from the blue box area.