CHARTS_The Wyckoff Method

[TREND1]

-10 YEAR T-BOND ETF FORMS BEARISH THRUST ... The Wyckoff thrust is a bearish pattern based on a failed resistance break. Earlier this week I reported that the 7-10 year T-Bond ETF (IEF) moved above its 2011 highs and broke resistance. However, there was no follow through to this breakout and the ETF moved back below the breakout with a sharp move lower today. The pattern at work here is a Wyckoff thrust, which is potentially bearish. Richard D. Wyckoff, a legendary trader and analyst, was a pioneer of technical analysis and active from 1900 to 1930, a time many refer to as the golden age of technical analysis. This failed breakout is the first sign of trouble for treasuries. Despite this failure, the overall uptrend has yet to fully reverse. Chart 6 shows the late December and January lows marking first support for IEF, while the early December low mark second support. We need to see some downside follow through to confirm a trend reversal.
By Art Hill
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Latest Data showing it did not work out. IMHO