Probably currently B wave in Long Bonds that should culminate in wave C up. That should be an upcoming opportunity unless if it morphs into a 3 wave correction by surpassing prior 2nd wave high then the trend has returned to upside and shorting bonds would be incorrect. It is widely perceived that the appointment of Yellen as Secretary of Treasury is bullish bonds and it has been the trend for 35 + years. So clearly you have to be a contrarian to bet on the downside, but trends do come to an end, and fundamentally adding more national debt is already beyond dysfunctional despite what the Fed may announce in policy, ultimately the market determines the direction.