Bonds have been ranging in a sideways Elliott Wave for some time now. However they appear to be nearing the completion of this cycle. The rounding highs, suggest a breakout to the downside, compounded with the fact that the Kovach OBV, which has been pretty strong, appears to be rounding off. Wait for a squeeze to 139'13 or 139'16, but if risk on sentiment persists 139'05 may be a reasonable target. Keep your eye on the ghostsquawk risk sentiment indicator. Yesterday, it was spot on, and we were able to capture some significant trades from it.