It’s time to rethink my outlook (Elliott Wave structure) in Treasuries. I had been concerned that the decline in TNX fell short of my projections. Then it hit me as I was writing about XJY and how high it might go in a panic stock decline. With gold out of the picture, it appears that the only other major asset that might be viewed as a safe haven would be US Treasuries. You can see that I have changed the Elliott Wave structure to reflect that view.

I believe that the article in ZeroHedge may be misleading many into believing that bonds may be on a larger decline. Far from it. This has all the earmarks of a correction that may already be over, having been repulsed by Intermediate-term resistance at 19.54. Treasuries should rally from here.

In the meantime, the Euro has resumed its decline. The average target for a Wave 3 of (3) should be near 92.00. It could be a lot lower.

Regards,

Tony

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