The Day Ahead: PM Edition 2018-11-29

Bonds poked a new high today then fell back into the range of the last week. If this is a wave [IV], it is running out of runway as 140^26 is the limit. I still think it will roll down but it is being stubborn. First step is to fall under 138^27 which roughly corresponds to the daily moving averages. Perhaps we need to wait till December 4th which is the next fast cycle inflection before making much progress moving lower.