10-year US notes can be trading at the end of a higher degree wave III. Specifically, I see a final sub-wave 5 in action, that resembles an Elliott wave ending diagonal.

An ending diagonal is a special type of pattern that usually indicates a strong movement in the opposite direction, once completed. In our case, I think the price can post a low near the 120’0/119’0 region, and later make a minimum three-wave recovery.

10 Year Us Notes, 4H