Elliott Wave View: Ten Year Notes (ZN) Looking to Extend Lower

Short term View in Ten Year Notes (ZN) suggests that rally to 120’16 ended wave ((4)). Internal subdivision of wave ((4)) unfolded as a zigzag Elliott Wave structure. Wave A of ((4)) ended at 120’04 and dips in wave B of ((4)) ended at 118’23. Final leg higher wave C ended at 120’16 which completed wave ((4)). Wave ((5)) lower is currently in progress with internal subdivision as an impulse Elliott Wave structure. The Notes still needs to break below previous wave ((3)) low on 6/15/2022 at 114’07 to rule out a double correction in wave ((4))

Down from wave ((4)), wave 1 ended at 117’18 and rally in wave 2 ended at 119’06. Internal of wave 2 unfolded as a zigzag where wave ((a)) ended at 119’03 and wave ((b)) ended at 117’24. Final leg wave ((c)) ended at 119’06 which completed wave 2. Wave 3 lower is currently in progress and a break below wave 1 at 117’18 should better confirm the extension lower. Down from wave 2, wave ((i)) ended at 117’28 and rally in wave ((ii)) ended at 119. Near term, as far as pivot at 120’17 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.