TLT, the 20+year treasury bond ETF, has suffered a severe correction taking it from 91.80 on 12/1 to 88.06 on 12/28, breaking the rising support line shown above in light blue (click on chart to enlarge).
Is the bullish case compromised? Tough to say. I personally exited my remaining long position yesterday 12/29 upon confimation of that break. However, I am looking to get back in should TLT stabilize around this level or a little below and it's easy to see why on the daily chart:
the nearby 87 level should act as serious support, having repelled the previous down move (10/23) and more importantly containing the upward turning 200-day moving average (dark blue line).
Stay tuned!