I’ve stated that the T-Bond rally has much further to go — that the powerful run-up begun at the start of the year has been just a warm-up for the massive unwind out of stocks and into bonds that is yet to come. Even so, the rally has been so steep and relentless that that a nasty correction was long overdue. Is it already under way?  We’ll be better able to judge when we’ve seen how the downtrend interacts with the 135^10 target shown, my minimum downside target for the near term. That implies that the rally from yesterday’s lows can be shorted, presumably at a Hidden Pivot resistance discernible on the lesser charts, and that the anticipated drop thereafter could be bottom-fished at the 135^10 target itself.  Keep in mind that the futures could fall all the way to 132^00 before retracing half of the 2014 run-up, and to 131^30 to reach the 0.618 Fibonacci level. ______ UPDATE (11:41 p.m. ET): The wicked ‘Draghi swoon’ that greeted the day sent this vehicle plunging to a 135^13 low before it rebounded sharply.  Did you catch a piece of the action?  If so, please let me know in the chat room and I’ll establish a tracking position. _______ UPDATE (June 10, 12:52 a.m.): The futures were in a moderate uptrend on the hourly chart at the closing bell. Now, if they push past a midpoint Hidden Pivot at 135^29, look for further progress — presumably tradable — to at least 136^26, basis the SEPTEMBER contract.