TLT – Lehman Bond ETF (Last:102.90)

There are bigger ‘reverse’ patterns with more ambitious rally targets to consider, but we’ll start with this modest ABC, since D=104.42 has yet to be achieved. It almost surely will be, though, judging from the way buyers shredded the midpoint Hidden Pivot and kept on going. If this so-far bear rally is going to get legs, we should expect it to take out D with little trouble and to close decisively above it when the week ends.