Elliott wave Analysis: 10 Year US NOTES Still Bearish

CBOT:ZN1!   10 Year T-Note Futures
Good day traders!
Today, let's look at the 10 year US notes.
10 year US notes are surely bearish , and are falling quite nicely, away from 124'25 level of a former swing high, labeled as wave 2. This acceleration in potential five waves will be labeled as red wave 3, usually the strongest and sharpest wave. That said, if we observe closely, we can see that the whole price structure since 125'15 region is situated within the confines of two channel lines, also know as an Elliott wave channel. Well, as we can see price is now trading near the lower portion of the Elliott wave channel line, which can offer support for wave 3, and push price into a temporary correction of black wave 4. Wave 4 can later see limited upside, and possible resistance near the upper portion of the Elliott wave channel.

Thank you,
and cheers!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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