Preferred view now is that 10 year yields have completed wave ( B ) at 2.82% and have resumed the decline. Bounces should now prove corrective and as far as they stay below 2.82%, we would expect more downside in TNX. We don’t like buying into proposed bounces. Primary view calls for a drop to new lows below 2.579% but be wary of the ALT view which suggests this could only be a corrective pull back toward 2.671 – 2.70% from where more upside can be seen.
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