So much for Flight to Quality. At first glance, the Ten-Year Note’s weekly chart looks quite bullish, with an impulsive spike in mid-September that would presumably set the tone for months to come. In fact, the real impulse leg ended at the first ‘B’, since the pullback from it more than equaled 0.618 of the k-A segment. What that implies is that the spike to ‘False B’ was simply a failed rally, and that, at best, any move to new highs would require many weeks of consolidation near current levels or lower.