Short Term Elliott Wave view on Ten Year Notes (ZN) suggests that cycle from 8.9.2024 low is about to complete as 5 waves impulse. Up from 8.9.2024 low, wave ((i)) ended at 114’02 and dips in wave ((ii)) ended at 112’25. The Notes then extended higher in wave ((iii)) with internal subdivision as another 5 waves. Up from wave ((ii)), wave (i) ended at 114’01 and pullback in wave (ii) ended at 113’05. The Notes extended higher in wave (iii). Up from wave (ii), wave i ended at 113’3 and dips in wave ii ended at 113’06.
The Notes extended higher in wave iii towards 115 and pullback in wave iv ended at 114’1. Final leg wave v ended at 115’1 which completed wave (iii) in higher degree. Dips in wave (iv) ended at 114’16 and wave (v) higher ended at 115’13 which completed wave ((iii)). Pullback in wave ((iv)) also has ended at 114’2 and the Notes has turned higher. Up from wave ((iv)), wave (i) ended at 115’04. Expect wave (ii) pullback to stay above 114’2, and more importantly above 112’25 for further upside. As far as pivot at 112’25 low is intact, we can still see a bit more upside in the 10 Year Notes before it completes 5 waves rally from 8.9.2024. The cycle however is mature and we can expect an end and a bigger pullback soon.
