I’ve held to a 3.24% target for quite some time based on a highly unorthodox ABCD pattern, but it now looks like rates on the Ten-Year Note will achieve a minimum 3.56% before the uptrend exhausts itself. This would be congruent with a 108.74 downside projection for TLT, an ETF vehicle that tracks the long bond; it is currently trading for around 113.77. The implication is that if the housing market is not already imploding with the force of a black hole, it will be soon. ______ UPDATE (June 22,, 8:28 p.m.): Slide ‘A’ up to the one-off shown and the new target at 35.18 was missed by just 2% — close enough for us to consider it fulfilled. This assumption would be strengthened if the downtrend overshoots d=30.64 on the hourly chart, where a=34.60 pm 6/16 at 10:20 a.m.
TNX.X – Ten-Year Note Rate (Last:3.15%)
