FX.co ★ Elliott wave analysis of US 10Y Treasury yield for July 6, 2023

The 10-year Treasury yield has broken clearly above resistance at 3.87% and is now headed for the minimum target at 4.83% and likely even closer to the 61.8% target at 5.77%. Despite the inflation pressure easing at the moment, we can see from the rising Treasury yields that we are not out of the woods yet and more inflationary pressure is lurking during the autumn. This will add downside pressure on the equities and could lead to some kind of panic sell-off during the autumn months.