I’ve been tracking and forecasting the bonds higher since last Friday, when they turned from a low near an important Hidden Pivot support at 119^10. Now, having exceeded the first rally target subsequently given, 121^28, they are about to encounter another not far above at 123^15. If that resistance gets bulldozed within an hour of first being touch, it would lend weight to our hunch that this could be as good a rally as the bonds will see in 2009. I’ve reproduced an hourly chart that shows the ABC pattern, which, though somewhat unintuitive, looks technically appealing to me.
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