$TNX (US 10 year yields) 1 Hour Elliott Wave Analysis (5.19.2014)

Preferred Elliott Wave view suggests US 10 year yields have completed a cycle from ( B ) high i.e. (2.748%). As it was a corrective drop so we have labelled it as wave “W” and treating the current bounce as wave “X”. Yields are showing just 1 swing up from the low and corrections run in 3, 7 or 11 swings so while above 2.473% low, expecting another push higher to complete wave “X” before the declines. Levels to watch on the upside are (( c )) = (( a )) = 2.544, (( c )) = 1.236 x (( a )) = 2.555 and (( c )) = 1.618 x (( a )) = 2.574%. This view is valid as far as pivot at blue ( B ) i.e. 2.748% high remains intact.

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