I have lower targets outstanding for Treasury futures, but we should be open-minded to the possibility of an important reversal — especially after days like yesterday, which began with a gap-up thrust. Although the rally came from beneath the midpoint support (red line), implying that the 122^23 downside target is likely to be reached, the futures ended the day in good shape to negate the bearish outlook, at least for the near term. Now, if buyers can drive the futures above the external peak I’ve labeled at 127^15, it could portend the start of a major rally.  Keep in mind that the move would need to be unpaused once above the 127^02 point ‘C’ of the downtrending pattern.