TNX-The chart you should be following very, very closely!!!
I posted about TNX at the end of March and warned that we were in unchartered territory. At that time, TNX had bullishly crossed the monthly cloud which was something it had not done during my lifetime nor probably most traders lifetimes.
We are just about to quarter's end (June 30th) and you can see a clear breakout on an Inverse H&S is occurring. I see nothing but tailwinds for this chart within the next 2 weeks so I don't see how we don't close the quarter above 3.056. The measured move implies a target on TNX of 5.502 with the ability to "wick" above to 6%. Debt is becoming more & more expensive by the quarter and it's all happening very, very quickly.
In addition, have a look at the quarterly charts of Wheat, Rice, Soy, Corn & Oil...all of them look to be either breaking out on the quarter or they are just bullish AF.
Inflation, as it relates to what is most essential in life, has not peaked...
We are just about to quarter's end (June 30th) and you can see a clear breakout on an Inverse H&S is occurring. I see nothing but tailwinds for this chart within the next 2 weeks so I don't see how we don't close the quarter above 3.056. The measured move implies a target on TNX of 5.502 with the ability to "wick" above to 6%. Debt is becoming more & more expensive by the quarter and it's all happening very, very quickly.
In addition, have a look at the quarterly charts of Wheat, Rice, Soy, Corn & Oil...all of them look to be either breaking out on the quarter or they are just bullish AF.
Inflation, as it relates to what is most essential in life, has not peaked...
Comment:
H1 chart
H1 chart
We did close the quarter below the grey line or 3.056 but have clearly broken out above the 55 EMA. Triple tops are uncommon so my bias is towards a break out either in Q3 or Q4.