US Treasury Long Bond Futures Bottom
There is great potential that the 30 year T-bil futures have bottomed. This chart is a micro count version of the final 5th wave of primary wave 1. Depicted as a legal impulse consisting of an expanded flat correction for minor wave 2. Wave 3 is longer than wave 1, so the length rule is satisfied. Minor wave 4 is labeled as a contracting triangle whose internal C wave is a complex zigzag. The Elliott Wave Theory tells us to expect either a short brief fifth wave following a triangle or an egregiously long extension. In this case, it's the latter, as minor wave 5 subdivides as an impulse containing two extensions in both the minute 3rd wave and the minute 5th wave. Given that the guidelines are satisfied, I have no problem making the call that primary wave 1 of the US Treasury 30 year bond bear market is complete.
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