Time for an update on TLT, the bond ETF. For reference, my two most recent previous entries on TLT are here and here. Shown above is the daily chart (click to enlarge).I believe the upward corrective move (which turned out to be a fairly deep zigzag that filled the gap created on 6/7) to be over. We did get pretty close to the 50-day moving average before TLT got turned back. The 14-day RSI got up to 55 and is now turning down, a behavior consistent with my theory that TLT has entered a bear market (generally, in a bear market, the RSI range get lowered from 30-70 to 10...20-50...60).
The correction having run from 82.20 to 85.37, I would expect TLT to make a new low and reach 79 at the minimum.
This scenario would be nullified should TLT make a new intermediate high above 86.
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