Everyone saw this set-up last summer ... I'm using the weekly TLT chart here instead of the TNX/TYX yield charts, but it's all the same pattern ... in the last few weeks another long set up appeared ... the low on the 30 year bond yield back in January 2015 was 2.226% ... frayed-shirtcuff chartists expect yields to drop below there, maybe significantly below there ... it's just what the chicken bones are forecasting, take it with grain of salt.
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Apparently there was a bad bond auction yesterday ... in any event, there was a beautiful "impulse bar" (an old Linda Raschke term) at 1 PM after which price zig-zagged creating a perfect set-up on the five minute. Below are the TLT and TBT (the short fund) charts which are worth close study: