10 year US notes .Here is why this chart is the most important diagram for the whole world according to me.

10 Year month dot with waves numbered. Every dot is a monthly close. A new dot will come after close Friday May 31. If that dot comes where the market is today the 8 MA will cross the 21 MA on downside. That is the strongest technical sell signal I work with. To me it is a confirmation that the top formation was just that and from now on a drop can come. However the strongest supporter in the world which can manipulate the trend is the FED which does not want the prices to fall because the yields will go up. So here we are Fed against Natures Law which is behind all trends. Technically the trend will fall in the direction of wave 1 down to the right during June - August.

Why is this so important? Because this is likely the start of a new trend on upside for YIELDS which will take interest rates higher and higher possibly for decades to come. The fundamental implications for US bond markets can in the worst case scenario be catastrophic. Will China and Japan sell their bonds? No one knows. That is why this chart is the most important in the world according to me.