Today the daily chart of the 10-year Treasury Bond Yield is shown as we have just completed a TD Sequential ‘Buy’ count. As usual the trade trigger would be a price flip. Today that would occur with a close above 35.64. Stop is way below the market at 29.61.Note the Elliott count that has us in a potential fifth wave. This supports the notion of a reversal here, as does the fact that both the RSI and Composite have not yet confirmed the new price lows. But again….. A price flip is needed before action can be taken.
Finally, daily GLD. We had a price flip yesterday and so this chart is officially on a sell as of the open today. The initial Stop Loss of 1278.1 is no longer relevant - it was the ‘trade pending is still good unless we close above this point‘ marker. Now that the trade has been executed the initial stop should be placed at 1249.7, the recent high. What about a target for profits? The first scenario would be if we now form a full setup without closing below TDST support at 1156.22.
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