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Elliott Wave View: 10 Year Treasury Notes (ZN_F) at Support Area

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Since topping out at 135.15 on July 2012, 10 Year Notes (ZN_F) was in a multi-year decline. It finally found a bottom at 117.13 on October 2018. The 6 year decline was in a large 3 swing, thus the decline was corrective. It has since started to rally again from 117.13 low. The rally has the characteristic of animpulse Elliott Wave structure. In the short term chart below, we can see the impulsive rally from 2018 low ended wave III at132.13 on September 3.

Wave IV pullback has now reached the minimum target to end at the blue box. The pullback unfolded as a double zigzag Elliott Wave structurewhere wave ((W)) ended at 130.27 and wave ((X)) ended at 131.15. Wave ((Y)) of IV is expected to complete at 129.17 129.29. Both wave ((W)) and ((Y)) have an internal subdivision of a zigzag (5-3-5). The Notes should find support from 129.17 129.29 and resume higher in wave V or bounce in 3 waves at least. In larger time frame, the Notes may eventually break above July 2012 peak again (135.15). If this happens, the Notes should open more upside in larger degree and we can see bond yields continue to decline across the board.

10 Year Notes 1 Hour Elliott Wave Chart

ZN_F 10 Year

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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