Yields on the Ten-Year Note have fallen sharply since getting within pitching wedge distance of the 4.75% target shown. It’s too early to say with confidence whether this is the beginning of a significant downtrend or just a correction that will eventually give way to a new upward surge. My strong gut feeling is the latter, but we may soon get to test that prediction if TNX continues down the green line (X=48.18. That would trigger a ‘mechanical’ buy signal with subsequent potential to reach p=44.90 or higher, an event that cannot but give us a definitive picture of trend strength.