My theory is triangles represent Hurst cycles shifted in phase in relation to each other.
Bulls fight vs Bears - winning team attracts members of the losing team and new uniform cycle is formed.
That's why triangles produce strong moves. Opposition becomes trend members out of fear of being left behind.
Looks like classic Head and Shoulders
Support correspond with Fibonacci level
Look at falling volume
But BE CAREFUL, It could be triangle as well which is going to break upwards
Either way I watch it to enter trade - I learned that after heavy news, it pays to be extremely cautious
It could be wedge developing
There is similar picture in AUDCNY
If TYX breaks above recent High High was it 3.15 ??? or something like that?
If it breaks it means there are two forces playing
One Deflation in general economy
Second - US Treasury bonds become RISKY!!! That's why TYX is going up
FED will follow