TLT – Lehman Bond ETF (Last:104.39)

The chart provides precise targets at 103.06 and 95.85 , respectively p2 and D, in lieu of one previously given here at 101.16 that was based on a possible test of lows recorded back in 2013. The higher number looks very likely to be achieved, given the way the C-D leg gapped down through p=108.27 the first time it encountered it and then turned it into upside resistance. It also makes a worst-case plunge to D, if not inevitable, then certainly thinkable. _______ UPDATE (Sep 28, 10:26): That was quite a rally. It came from pennies beneath the 101.16 low mentioned above, and it will very probably need to be tested.  However, bulls would gain the upper hand for a rare change if they can push above 108.21 this week or early next. That’s where a shelf of highs was made last week.