Is this move for real? I doubt it, but we'll let the chart tell us what to think.
So far, last Wednesday's bear-trap opening looks only superficially impressive since the follow-through failed to get past the 87.61 midpoint resistance (p=87.61) shown in the chart. TLT is a lock-up to reach it, but the upthrust would still need to vault an 'external' peak at 88.28, recorded on December 3, to demonstrate staying power. A decisive move through p would shorten the odds that d=90.32 will be reached while also lending credibility to the rally. If it is more than just flash-in-the-pan, performance measured against this pattern cannot but tell us the story.
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