Although rates on the Ten Year Note ended the week slightly beneath the previous week’s 4.74% high, the retracement was too shallow to infer that significant easing lies ahead. Further consolidation may be needed for a push to the 5.09%^ target, but don’t expect the pullback to go much lower than 5.48%, the hidden pivot midpoint support of the pattern shown. However, rates could fall as low as d=4.42% without significantly affecting the chart’s bullish look.  It has been nearly two decades since T-Notes exceeded 5%, reaching 5.31% in June of 2007 at the start of the Great Financial Crash.