On Cinco de Mayo Monday, we published a post about the Mexico Stock Market’s bullish short-term setup. Well, it only took until Seis de Mayo for the bullishness to manifest.

The Mexico IPC Index broke out above the 61.8% Fibonacci retracement of the 2014 decline. This sets up another possible test of the 61.8% Fibonacci retracement of the 2013 decline ~ 42,800.