Stocks remain in risk-off mode for now, still seeking for a support while 10 year US notes trades at resistance. Today, we will look at 10 year US yields where price pattern is somehow clearer. We see a nice recovery from April lows followed by recent deeper three leg set-back that looks like a wave (B) so new leg up is expected; wave (C) back above 2.63.
10 Year US Yields, 4h
DAX remains bearish for now as recent recovery unfolded in three legs, so wave X might have unfolded, meaning that bulls will likely have to wait till next week. Current sharp drop that is in play from 12218 level can be part of an upcoming three-wave drop.
German DAX, 30Min
