The T-Note Elliott wave structure looks corrective short term. We record a drop from the May high and a subsequent 3-wave bounce. The bounce reached a Fibonacci level of the previous drop. We carefully conclude that the trend direction changed to the downside. We need to see confirmation regarding that. A break of the pale green trend is a first big step of confirmation. Trading above 3.05% is a bloody nose to our case here and taking out the May high eliminates our trend change case entirely.
All in all, we expect lower interest rates short term and seek confirmation.
The idea here is that rates are on the way down. We place our S/L at the May 2018 high. Target remains open for the moment.