TLT Sitting On Support

The decline in the TLT has taken a very unusual shape.  In fact, this looks like the downside is taking shape as a WXY pullback, which is quite overlapping and complex.

It was for this reason, I sent out an alert earlier this morning that I was modifying my stop on the long I entered on Monday to the 136 level.  However, in looking at this bounce we have gotten off the prior support in the 136.30 region, it does look like we may see one more lower low before this can bottom.

So, along those lines, I am going to lower my stop just a bit lower to the 135.70 level, as the decline is not looking impulsive to the downside.  While I do not like to adjust stops lower, the complex structure is forcing me to adjust my position on this long attempt.

As I noted in my initial update on TLT, my position on this is small, and my entries were executed between the 137.35-138.25 region on the pullback we got earlier this week. So, I am willing to give myself just a bit more room.  If we break down below 135.70, I will stop out and will only re-enter should this pattern resurrect.