US 10 year Notes

The bounce in US bonds and notes did not go above the 20dma despite the extreme in sentiment and positive momentum divergences. So the change in wave count is that the bounce was wave IV of V and V of V down is just starting. then bond prices will fall some more to where V=I near 129 on this chart for the 10-year note. Then we will again revisit the odds of a trend reversal in bond markets. In the short term therefore bond yields may continue to rise.