$TNX 10 yr yields 1 Hour Elliott Wave Analysis 7.17.2014

US 10 year yields preferred Elliott Wave count shows a drop with a corrective sequence from 2.691 – 2.494. We have labelled this as wave A. Yields then recovered in 3 waves to 2.57% and started dropping again. Recovery to 2.57% consisted of ((a )) – (( b )) – (( c )) when wave (( b )) was a FLAT. Best reading of shorter cycles suggests 2.57% was the end of wave B and yields are now trading lower in wave C. Levels of interest on the downside are 0.618 ext of A-B at 2.445 and equal legs of A-B at 2.367 to complete a cycle from 2.691 peak. Any bounces should now hold below 2.57% for this wave count to remain valid. Break of 2.57% without continuation lower would suggest wave B is taking the form of an Elliott Wave FLAT but would still be expected to hold below 2.691 for an extension lower.

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