The $10YRYLD is in a 3rd wave advance. I’m sort of guessing here, but this is my expectation: I expect the rally to change its slope of ascent (soonish?) as it approaches that trend line, react off that trend line (broader discussion of what that line is here) and then do…I’m not sure what exactly, but sort of wrestle with that trend line for a while in some way.
That’s when I believe the Naz will begin going off in its 3rd of 3rd minor wave leading to its 3rd intermediate wave (ignore all the giberish, but I mean the most powerful central ascent to its next top). And that’s when some of these rate-sensitive reflation names should consolidate or correct.
Just as an aside, look at how $CCL broke up from an almost identical structure: