Elliott Wave View: Further Strength Ahead for 10 Year Notes

Short term Elliott Wave view on Ten Year Treasury Notes (ZN_F) suggests that the rally from January 18, 2019 low (121.02) is unfolding as an Impulse Elliott Wave structure. The Notes is currently within wave (3) of this impulsive move. The internal of wave (3) subdivides in 5 waves of lesser degree. Wave 1 of (3) ended at 122.3 and wave 2 of (3) ended at 122.12. Wave 3 of (3) ended at 124.31 and can be now in wave 4 pullback.

Up from wave 2 at 122.12, wave ((i)) ended at 122.31 and wave ((ii)) pullback ended at 122.18. The Notes rallied again in wave ((iii)) which ended at 124.24, and wave ((iv)) pullback appears completed at 124.02. Near term, expect the Notes to continue in wave ((v)) and extend higher to above 124.11. Anyway, far as the Notes stay above 122.12, expect more upside. We don’t like selling the Notes.