In today’s commentary concerning the bonds, to keep things simple I did not explain the concept of the impulse leg, nor the distinction between internal and external lows. Suffice it to say, an uncorrected fall to the 141^09 target shown would exceed one of each, generating quite a bit of downforce on the daily chart. You can see this for yourself in the downsized version of the chart, reproduced here for the edification of subscribers.
