TLT Forming a Weekly Bottom

The weekly chart of TLT ($116.45, up $0.92) has me watching for signs of a potentially important bottom in this ETF. Now so far we are seeing some short term buy triggers, though there is a ton of resistance that also needs to be cleared on the daily chart for this rally to continue.

What I want you to look at here is the similarity in TIME with some of the prior declines on this weekly chart. There are actually 2 prior declines of 28 and 27 weeks that are very similar to this decline. Also note that if we look at some the the time between key lows to lows, the recent low to low swing has lasted 45 weeks, which is similar to a couple of others that were 43 and 44 weeks.

Bottom line, with the stock indices in a precarious positions and needing a corrective decline, we could start to see the beginning of at least a nice corrective rally in TLT and maybe even MORE if the weekly chart work holds up.

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