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Indian 10 year bond yields

Bond yields could not get past the upper end of the wedge pattern. However I think the wedge is at the end of a third wave and we are only pulling back in wave 4. 23.6% retracement is just above the previous swing low of 7.69% that could be a good support for wave 4 to complete. Now you may want to argue that the rise is A-B-C and bond yields have peaked but on the long term chart I think we are set to revisit the 9% mark and this maybe too early to call it a top in long term yields. On the other hand last week I noted the falling yields in Brazil as a lead indicator and now Russian yields are also pulling back.

gsec 171018

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