The yield on the 10 yr US treasury ($TNX) fell 4% today on HUGE flight to safety. The e-waves have another story brewing. The yield rally off the 24 June 2011 low was impulsive. The falling yield from the 1 July 2011 top can be counted as zigzag.
The larger picture for the price of the 10 year US Treasury ($UST) shows an ending diagonal advance out of the February 2011 lows. This is a nearly completed pattern. A less bearish view is wave b triangle is completing and wave c unfolds before a rally to new highs.
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