I love me my bond bulls, and it is promising that $TLT has breached its parallel channel. But:
…the price action does not look impulsive to the upside, but rather corrective. The move from the August low is in 3 swings (from my blue 1 to blue 2). And the local move from the September low is also only 3 swings. This should mean that “up” is counter-trend. If so, I continue to expect it to falter and if the count is correct, it may head to the $140 area.
[UPDATE]: Since we have moved sharply in the direction of my target, I will file this under “Successful Calls.”
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