Piercing Line Suggesting 10yr Yields Will Move Up Towards 2.6%
Many weeks ago we were at the bottom of a daily broadening wedge and the target for a breakout was at around 1.78% now we have made substantial further progress in reaching that target of 1.78 as we have bounced from the bottom of the wedge at 1.12% all the way to 1.7% before we had a minor pullback.
The current situation now is that the Daily after pulling back has tested the resistance of the Daily wedge as new support and the bullish weekly candle has engulfed around 80% of the previous bearish candle thereby creating a perfect situation for a Piercing Line setup.
I believe that we will attempt to rally past the B point on my chart Trigger an ABCD BAMM response and from there go all the way up to where D is before reversing or consolidating and i suspect that during this time the DXY will also be going up with it.
The current situation now is that the Daily after pulling back has tested the resistance of the Daily wedge as new support and the bullish weekly candle has engulfed around 80% of the previous bearish candle thereby creating a perfect situation for a Piercing Line setup.
I believe that we will attempt to rally past the B point on my chart Trigger an ABCD BAMM response and from there go all the way up to where D is before reversing or consolidating and i suspect that during this time the DXY will also be going up with it.
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