Ten Year Notes (ZN_F) Ending 5 Waves Elliott Wave Impulse

Oct 23

Short Term Elliott Wave View in Ten Year Notes (ZN) shows that decline from 9.11.2024 high is unfolding as an impulse Elliott Wave structure. Down from 9.11.2024 high, wave 1 ended at 114’07 and wave 2 ended at 115 as the 1 hour chart below shows. The Notes extended lower in wave 3 with internal subdivision as another impulse in lesser degree. Down from wave 2, wave ((i)) ended at 114’07 and wave ((ii)) rally ended at 114’16. The Notes then extended lower in wave ((iii)) towards 112’13 and wave ((iv)) ended at 112’24. Final leg wave ((v)) ended at 111’22 which completed wave 3 in higher degree.

Wave 4 bounce unfolded as a zigzag structure where wave ((a)) ended at 112’11. Wave ((b)) pullback ended at 111’23 and wave ((c)) higher ended at 112’22. This completed wave 4 in higher degree. The Notes has turned lower again in wave 5. Down from wave 4, wave ((i)) ended at 111’29 and wave ((ii)) bounce ended at 112’09. Expect the Notes to extend lower to end wave ((iii)), then it should bounce in wave ((iv)) before turning lower again. As far as pivot at 112’22 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.