Rate on the Ten Year Note pulled back sharply from a multi-decade high that fell somewhat shy of the 5.51% target I’d drum-rolled. Could that have been the worst of it? We may know soon, since the pullback low occurred almost precisely at the 5.03% midpoint support of the pattern shown. Its decisive breach would be good news for the world, since it would imply that rate could continue falling to as low as d=4.69%. Moreover. if the breach were to be followed by a rally, it would very likely be corrected rather than ‘impulsively’ bound for new highs.
$TNX.X – Ten-Year Note Rate (Last:5.10)