The distributive pattern shown in the chart points ostensibly to 112^28, and that’s the number we should use to target any hellacious decline in the bonds.  However, it shouldn’t go unmentioned that such a lengthy and tightly constrained sideways move in this vehicle is most unusual — a result, one supposes, of Fed T-bond purchases that for the time being are restraining the long end of the yield curve. The effort can only end badly, but so far there has been rather less strain than we might have expected.