andrewunknown
Long

The Long End Is Breaking Out: with Key Resistance Just Ahead

AMEX:TLT   ISHARES 20+ YEAR TREASURY BOND E
110 0 2
TLT             is breaking higher from both it's descending channel off January 2015's high and the Right Angle Ascending Broadening Formation (RAABF) it has been consolidating H12015's slide since early June.

This dual trend line breakout occurs after a pivot from the Potential Reversal Zone at 115.50-116 of TLT's 10-month Bullish Bat. On this basis, TLT             is poised to move substantially higher as the belly-to-deep end of the yield curve flattens. However, major resistance lies just overhead (orange) around 123.50. If this level is breached, the way is open to fill in 04/29's gap near 127 next. At this point momentum is constructive, but volume remains anemic (though that did nothing to stymie the advance from 115 in mid-July).

Technical N.B. on the Bat: The 61.8% retracement of XA at B is not a characteristic Bat measurement, though it does arguably fit the standard criteria because it is "less than 61.8%". An alternate draw plots B above early March's 2-session Island Bottom that indisputably matches the criteria. As a less pedantic user of and practitioner with Harmonics, I've found 61.8% B and 88.6% D is a prevalent combination and patterns incorporating this combination of retracements fare well.
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