The U.S. 10-year t-note has formed a head-and-shoulders pattern at the top of a rising megaphone pattern. It’s nearing the H&S neckline and now has to decide whether to put in a genuine right shoulder and break out downwards through the neckline (purple scenario) or start a megaphone right shoulder (green scenario).
A megaphone right shoulder would lead to a couple of fake breakouts through the neckline, then take the 10-year up to a slight new high to morph the H&S into a megaphone top.