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Bonds; Bottoms up action, reversal pattern in play?

Courtesy of ZeroHedge. View original post here.

image for bond reversal post from kimble charting solutions

Bonds have been hit hard since the highs around the 4th of July last year. Could this big decline, be creating a bottoming pattern? Bottoms Up for bonds?

Below looks at the pattern of TLT over the past couple of years-

20 year treasury weekly etf kimble charting solutions

CLICK ON CHART TO ENLARGE

Last summer when bonds were peaking, it was easy to find bond bulls, as bullish sentiment for bonds stood at 90%. Today its not so easy to find bond bulls!

TLT could be attempting to create a reversal pattern (inverse head & shoulders) following a 20% decline from the highs. The inverse H&S pattern is far from proven at this time. If TLT would break above neckline resistance, it would increase the odds that this reversal patterns is important to the bond market.

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