FX.co ★ Elliott wave analysis of US 10Y Treasury yield for October 9, 2023

The US Treasury Yield continues to push higher and should see more upside pressure towards the next resistance near 5.24% in the months ahead. Yes, the rally is getting extended but the best part of the rally from 0.54% is clearly behind us.

Once the extreme of wave 5 is in place, it will be time for a larger corrective decline towards the low of wave 4 at 3.30% as the first target. Depending on the structure of the decline from the extreme of wave 5, we could see a deeper corrective decline, but the first target to look for is the low of wave 4 at 3.30%.