US 30 Year Bond Futures
The bond market spurted up in today’s activity finishing just off the highs at 142.16 after turning moderately lower in overnight action. It appears to me that the futures established a subset 5th wave low marking an intermediate wave 3 extreme. In my opinion we are now in a minor corrective pattern of the secondary 4th wave high set in early April. This leg down does not look complete to me. The non-impulsive pullback I am observing could extend to +/- 143.15. Holding above 142.18 should trigger a run to +/- 142.24. At this level the market may pull back in a b wave fashion before it makes it’s final c wave push to complete the sequence which would target the previously identified 143.15 level. It is my belief that any completed a-b-c structured advance will ultimately get turned back as the impulsive 5th wave decline takes hold. I’d be expecting a violation of the recent low to follow through to +/- 140. Please follow along with me in my attempt to stay one step ahead of this and other future contracts. Join me next Wednesday for my 12th webinar where I will be applying my analytical approach to multiple markets.