Acceleration Down In TLT Is Concerning

Oct 20, 2022 - 2:34 PM EDT

This is the point in the chart where I would have expected that we would have bottomed and begun the next major rally. Yet, the market is accelerating lower right now. Clearly, this does concern me. So, I am going to want to see a sizeable bounce very soon, or I may consider heading to the sidelines for now. Overall, the pattern still seems to be within the general parameters, other than a VERY extended 5th wave down here.

As I have been outlining, I have been layering into this position. As of now, I have about 35-40% deployed. So, the drawdown is not terrible But, I really want to see some evidence of bottoming very soon, or I may step to the sidelines until it becomes clearer or when we break out over 105.

TLTdaily

Avi Gilburt is founder of ElliottWaveTrader.net.

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