I regret making a new thread as the Friday night update has some good discussions going http://danericselliottwaves.blogspot.com/2011/06/elliott-wave-update-17-june-2011.html
I proposed the end of the multi-decade long bond run would be marked by a large non-confirmation along the yield curve. I believe we have seen that.
The 6 month yield is important as it is close to the 3 month yields in which dictates whether or not the FED will raise interest rates. So an impulse up in the 6 month means interest rate rise is soon to follow. Obviously we have not even confirmed a bottom yet.
Revised my IYR chart to show a (B) wave triangle. And that triangle target was met. We now have 5 waves down at a small degree.
Its hard to be bullish when the weekly Wilshire chart shows a doji candle after some downtrend. A doji in a downtrend often is only a pause and then a continuation of the downtrend.
But indicator-wise, there is nothing standing out that suggests we will have an up week or that a major low has been set. Indeed we closed beneath the lower BB yet again.
And look at the NYAD. It has broken its uptrend line.
China has a break under (D) and the uptrend line.
GDOW closed beneath its horizontal pivot support.