Interesting Pattern on 10 Year US Notes Points Higher – Elliott wave
10 Year US notes are trading in an uptrend since the last quarter of 2018 and unfolding a big, five-wave cycle. We specifically see price trading at the end of a triangle correction in wave (4), therefore be aware of a new rally in days ahead, above the 140’25 level, and towards the 144’0/146’0 zone for wave wave (5).
10 Year US Notes, daily
A Triangle is a common 5-wave pattern labelled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to E, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.
An example of a triangle pattern:
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10 Year US Notes Points Higher – Elliott wave analysis
