Indian 10-year GSEC yields have been slowly declining again. The chart below shows a 5 wave decline in wave 1 of a larger degree. This was followed by a very small bounce back in wave 2. As yields decline, I am working with the presumption that wave 3 down started. Unless there is evidence that yields can rise this is the best-case scenario. Slowly we should head back to levels below 5.7% Yields are in a bear market meaning that over a year even 5% is not ruled out.