TLT: Potential Reversal After Completing ABC Correction [LONG]
TLT Observation:
The iShares 20+ Year Treasury Bond ETF (TLT) appears to have completed its C-wave of an ABC Elliott Wave correction. Prices have shown signs of consolidation around the critical support zone at $87.50, suggesting the possibility of a double-bottom formation.
Support Zone: TLT is consolidating near the $87.50 level, which has historically acted as strong support.
Elliott Wave Structure: The recent price action indicates the completion of a corrective ABC structure, with the C-wave potentially marking the final low.
Bullish Outlook: If the support holds, the ETF is likely to resume upward momentum, targeting the $94.00 level as the next key resistance.
Double-Bottom Potential: Retesting the support zone could further validate a double-bottom reversal pattern.
Risk Management:
Set stops below $85.14 to minimize downside risk.
Monitor overall market sentiment and bond yield movements, which can heavily influence TLT's price action.
Disclaimer:
This analysis is for informational and educational purposes only and should not be considered as financial advice. Trading and investing involve significant risks, and you should consult with a qualified financial advisor or conduct your own research before making any investment decisions. The author is not responsible for any financial losses or decisions made based on this analysis. Always trade responsibly and within your own risk tolerance.
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