This is going to be just a quick update as the last 3-4 years could be an expanded pattern as well. I love to recognize expanded tops but we have to be careful not to hallucinate an expanded pattern where none exist. From the 2016 top, I can work 5 waves down in Minuette degree which we can’t see if I switched to a monthly chart setting. Since 1982 T-Bonds have been in a bull market that has a long way to go and will break out to new record highs in the next few years. What is special about all this and other T-Bonds is that it is the only asset class that is in an SC degree bull market and it all points to a potential wave 1 in Cycle degree. It may sound insane but T-Bond trends run in 120-year trends made up with 60-year cycles. The first 60-year cycle will be due in 2041-2042 so only the younger wave count crowd will be able to confirm this.
Without a doubt, T-Bonds are in a diagonal bull market and we can best see this with wave 1 in SC degree being closer to 1861! Imagine a bear market zigzag 120 years long!
The Fed has been raising rates which I see as no longer being justified. Gold is mute and oil has crashed. Much of the talk is just pycholocial warfare but any higher rates drain the liquity out of the markets, which is what higher rates are designed todo.