The upside in December Bund is restricted to 139.64, as a corrective recovery gets underway from Monday's 11-week low at 138.41. The broader bear wave from the August 29 lower high at 142.62 is subdividing, and projected resistance at 139.64 is keeping the structure of the bear wave intact. Bears are expected to resolutely defend 139.64, and the 138.41 low remains vulnerable, as downwave equality targets at 137.79 and 137.43 are on course to be met this week. Only a recovery above 139.64 would question the overall bearish outlook for this week, although confirmation of a bear failure would only be signaled on a break above 140.98. The December Bund future is at 139.08.
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