Bone Constraint not copying Empty Rotation

Hello,
I would like to translate the empty’s z location into a y rotation around the bone’s y axis- Would the “Transformation” constraint be the right one for that?

However, I can only get it to spin around the global Z axis, never along the bones y axis.

What am I doing wrong?

I want it to spin aroud the red axis, but it only spins around the green.

Here is my blend file:
RotationQuestion.blend (628.3 KB)

That is normal, Transformation constraint can be bit confusing, it took me a while to get a hang of it too
The Map to this section is in order of X,Y,Z so the Source Axis is witch channel you are getting the data form the target.