Based upon further review of the charts I am revising the final target on TLT to T2 (119.25) from T3 (122.13). My decision is based on the fact that I expect a considerable reaction once/if the T2 level is hit & may look to reposition long once again following a pullback and/or consolidation below that level. Daily chart below:
TLT daily Dec 10th
My expectation is for at least one more thrust back down within this large falling wedge pattern on the TLT weekly chart before a breakout & the next major leg higher. Longer-term traders might opt to ride out any pullbacks or consolidations while collecting the monthly dividends while raising stops to protect profits.Weekly chart below:
TLT weekly Dec 10th