TLT – Lehman Bond ETF (Last:119.33)

TLT has taken a promising but still-fragile bounce from the 112.31 secondary Hidden Pivot of the pattern shown. When reversals occur at p2, they sometimes continue in the same direction, eventually stopping out the pattern with a move through ‘c’ — in this case 123.03.  This dynamic is called ‘Matt’s Curse’, named for the subscriber who first observed it, and in this case the implications are bullish. The rally would become less tentative with a pop above  the ‘external’ peak at 119.31 recorded on May 3. ______ UPDATE (May 24, 10:05 p.m.): The short-squeeze gap on the opening kept the rally alive by generating a fresh impulse leg on the daily chart, albeit by a hair. The next thrust must exceed 120.35 to keep the elevated mood stoked.