Bonds- 30 YR

The 30 Yr failed its retest of the 50 sma, which resulted in nice downside price action for the week.
The 50% retracement level of the move off the 111-23 L, which I have labeled (X)?, supported price again. I believe this level gives way rather soon.
Equality comes in at 114-16. The minimum downside objective is 116-26.
My guess is that price wants to test the 114-26 pivot. The 78.6% retracement level is in the same area.
The bigger picture still remains unclear to me. If the 30 YR did put in an intermediate (X) wave at the 123-25 H, this would mean there is another (A)(B)(C) that should play out to the downside.
Bottom line - I still expect to see another 5 waves down of minor degree, at minimum. We will reassess at that point.