Hello fellow traders, in this technical blog we’re going to take a quick look of the price structure of $TNX and explain the swing sequences. The Elliott Wave chart below present EWF’s forecast from October 17th 2016 with added swings labelling . Back then, the instrument was showing incomplete bullish structure in the cycle from the July 6th low @1.336, suggesting short term pull back in 6th swing, presented as wave ((b)) and final push up in 7th swing.We advised our members to avoid selling $TNX and keep buying the dips in 3,7,11 swings against the 1.546 low.
Now let’s take a look at the short term price structure. The chart below is Short-term Mid-day New York Update from October 17th, suggesting the wave ((b)) pull back is unfolding as (a)(b)(c) structure after which yields should turn higher and resume the rally or bounce in 3 waves at least.
$TNX New York Midday update 10.24.2016 The price was staying sideways for a while and once it broke above the 1.768 short term high, we knew that another leg lower is less likely and we called the ((b)) pull back completed at 1.723 as a truncation (it missed ideal entry area)
$TNX NY update 10.28.2016 the instrument is trading higher in 7th swing as expected and rally broke the previous high at 1.801, confirming our forecast. Note: same labels have been removed in order to protect clients’ privileges.
Keep in mind that market is dynamic and the view could change in mean time. If you’re interested in the future path of $TNX or in any of the other 50+ instruments we cover, you can find Elliott Wave analysis in the membership area. ( If not a member yet, all you have to do is to Sign Up for 14 Days Trial )
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