Floor held (temporarily) in Bund Yields ...

The corrective process is underway in German 10-year yields. The market met the criteria for the 3rd wave extension, since then we have retraced 23.65 of the prior leg down. A log of congestion here, expect oscillation for some time in this 4th wave (no surprises here for the FED / ECB combo coming later in the month).

For confidence in a base formation we would need to see bids above zero to really imply that this is a material floor. All rallies in my books should be viewed as corrective and offer selling opportunities. Expect some choppy waters over the coming weeks and look to scale in more shorts at the end of wave 4.

Best of luck all those trading European Yields.