10 year US notes are turning lower at the moment after a decisive decline beneath the trendline support connected from 130.20. Move down is sharp from 103.84 , so it’s a new five wave structure that is headed to new lows of October. However, based on bigger Elliott Wave cycles, we assume that market will turn to bullish mode once 130.20 is broken, so despite nice decline in the last few days, we think that downside will be limited after wave five.

10 Year US Notes, 4H