Preferred view suggests a cycle from 7.25.2012 has ended and 10 year yields are correcting the entire cycle now. Another swing lower to 2.56% could still be seen to complete 7 swings lower in wave W then we expect a bounce in wave X toward 2.80 – 2.85% before resumption of the decline. We don’t like buying yields in the proposed wave X recovery as there is no green box on the chart.
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