German BUND Approaching Resistance - Elliott wave analysis

Hi traders,

German BUND made a clear, five-wave drop in March, which is a sign of a bearish trend, however as we know after every five waves a temporary pullback may show up. Here we are observing a w-x-y correction underway, with resistance/bearish turn at the 174.80/176.8 region, where Fib. ratios of 0.618 and 0.786, and also equality measurement of waves w and y can suggest where price can slow down.

Once we see a five-wave minor rally within a (c) wave of y, and a sharp drop from potential resistance levels, and a breach below the lower channel line, that is when BUND can resume its bear run.

Trade well,
The EW-Forecast team