Short Term Elliott Wave in Ten Year Notes (ZN_F) suggests that the notes has almost reached the extreme area from 4.25.2024 low. This suggests that the Notes may soon see a 3 waves pullback at least. Up from 4.25.2024 low, wave (1) ended at 109’31. Wave (2) unfolded as a double three Elliott Wave structure. Down from wave (1), wave ((a)) ended at 108’3 and rally in wave ((b)) ended at 109’1. Wave ((c)) lower ended at 108’16 which completed wave W in higher degree. Bounce in wave X has ended at 108’20 and the bond turned lower.
Down from wave X, wave ((a)) ended at 108’02 and wave ((b)) ended at 108’06. Wave ((c)) lower ended at 107’21 which completed wave Y of (2) in higher degree. The Notes has turned higher in wave (3). Up from wave (2), wave ((i)) ended at 109 and pullback in wave ((ii)) ended at 108’25. The Notes then extended higher in wave ((iii)) towards 110 and pullback in wave ((iv)) ended at 109’26. Final leg wave ((v)) is expected to end soon which should complete wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 5.30.2024 low before it resumes higher. Near term, as far as pivot at 107’21 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
