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Apparently The German 10-year bond yield went into a long sideways correction, which ended in the 90s. Thereafter an impulsive cycle took after 25 years the yields into negative territory 2016.
Wave action looks choppy and sideways since 2016. There may be already a bottom in the German 10-year government interest rate. In that case cycle wave V ended in 2016. However, generally we go for a trend extension in case of doubt. That has been down. Hence we label the 2016 yield bottom as wave III. The next months will hopefully bring more evidence what this market is up to.
Organization for Economic Co-operation and Development, Long-Term Government Bond Yields: 10-year: Main (Including Benchmark) for Germany© [IRLTLT01DEM156N], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IRLTLT01DEM156N, September 14, 2017.