The current rally on USD/MXN can be labeled as a wave iv) correction as part of a decline, down from 19.621 level. As we can see this rally can be trading in final stages, as we see price touching the upper Elliott wave channel line, and also showing a minor bearish turn near the Fibonacci ratio of 38.2. A drop towards the 19.250 region would confirm a completed correction, and wave v) to be in play.