$TNX (10Y yields) 10.10.2013

Yields have turned higher in what looks to be an impulse in wave (( i  )) of ( 5 ). 2.80% could be tested before we see a pullback in wave (( ii )) and more upside. Hourly cycles are positive so we don’t like selling yields in proposed wave (( ii )) pullback and strategy remains to buy the dips in 3, 7 and 11 swings.