Bonds continue to consolidate after having punched under the group of prior lows stretching back into late 2016. I score that as negative in the medium term for bond prices and thus favor lower till at least a new low is made under that of October 12th. At that point we will see if they wish to use the last five weeks of consolidation as a wave ii, as shown on the chart, or a small degree wave four which will then trigger a wave two bounce that again retests the break around 139^26. As far as timing is concerned, I think the next major point is either March or May of next year which leaves us in a conundrum as to whether we fall or rise into said area, or perhaps get some frequency doubling that that allow for more than one change in trend. I'm leaning lower since we are under the prior lows but won't be stubborn about it if they firm up on a new low in December.
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