TLT Is Coming Into Key Support Within A Corrective Decline

ew-forecast Updated   
BATS:TLT   Ishares 20+ Year Treasury Bond ETF
Treasury bond TLT has been trading lower since the start of 2024, but after an impulsive rally at the end of 2023, we believe it's just making and finishing a deep A-B-C corrective decline. It's actually now coming into key strong support zone at 61,8% - 78,6% Fibo. retracement and channel support line, from where we should be aware of bounce, recovery and continuation higher back to 2024 highs. Just keep in mind that bullish confirmation is only above channel resistance line near 92.00 region, while invalidation level remains at 82.45.
TLT Is Bouncing From Key Support As Expected

TLT is nicely bouncing and recovering after we spotted a completed A-B-C corrective decline. With current break above channel resistance line, seems like it's getting ready for a new impulsive rally that can send the price back to yearly highs and 100 area.

Test Drive Our Services
👉 wavetraders.com/elliott-wave-plans/

Learn Elliott Waves
👉 wavetraders.com/academy/

Newsletter Sign up
👉 bit.ly/3FVPVzO

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.