US yields are turning bearish with Elliott Wave pattern [Video]
|US yields are making a five-wave decline from 4.74%, indicating a strong downtrend, as impulses in Elliott Wave perspective often dictate the trend direction. This suggests that a significant top was likely established in April. Traders should anticipate further weakness after a typical ABC correction structure. Keep an eye on potential resistance around 4.53%, at the previous fourth wave and near the 50% retracement level. Note that when US yields are set to continue downward, it could trigger a sell-off in the dollar and propel metals to much higher prices.
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