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US 30 Year Bonds

Going to the 30 year after quite a while. Now the 30 year bonds are kissing the upper blue line. I did consider a few months back when the bonds started a rally that a triangle in wave 4 is a fair alternate. Now this chart looks like it. While some position reduction has happened it is not huge, but trader sentiment has turned around. From 90% bearish traders to 75% bullish. the last time we were at 80% it was wave 2 of C. Wave 4 of C may have completed as a triangle. Wave 5 down should unfold. This wave 5 down aligns with the 2 year bonds as well. They have been remained under pressure with yields elevated. The chart below puts the overall objective of C=A at 132 for the 30 year bonds.

bonds 070718

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