USH22 – March T-Bonds (Last:164^06)

I’ve used a composite chart for the now-defunct December contract to project a rally target at 166^27. Its equivalent, basis the March, would be around 165^10. I’ve also used a ‘reverse ABC’ pattern for this projection because it yields a lower target than one where ‘A’ is lower than ‘C’. My reason for being cautious is that the impulse leg of the pattern did not exceed any distinctive prior peaks. It is properly impulsive and therefore bullish, but not impressively powerful.  Although my long-term outlook is bullish, I’ll be tempted to try shorting for a scalp near 165^10. Stay tuned to the chat room if you care.