USM11 – June T-Bond (Last:118^08)

June T-Bond (USM11) price chart with targetsI alluded to a 117^18 downside target yesterday, but it came from a tiny netbook screen that was difficult to read. Using my desktop monitor, I now find that the actual number is 117^31, a Hidden Pivot support that has been slightly exceeded. Accordingly, and for purposes of developing a useful forecast, we should allow for the possibility that this bottom at 117^28 could turn out to be an important one.  The inference would be further strengthened by a thrust today exceeding a 119^05 peak made last Thursday on the way down.  As of yesterday’s close, the futures were working on a bullish impulse leg on the hourly chart with the following coordinates: A=118^01, B=118^20, and C=?  If you’re looking to jump aboard at whatever ‘X’ may form, I’d suggest finding camouflage on the five-minute chart.