Bernanke is an idiot. The more I listen to the guy the more I realize he truly doesn't have a clue. They actually believe that supply and demand is the driving factor for treasury prices and thus interest rates. I say even if the Federal Reserve buys 80% - 90% of the supply, the remaining 20- 10% on the free market will doom the Fed nonetheless.
And can the Fed possibly buy 100% of the bonds issued by the Treasury? Of course not!
Simply put, the Fed is trying to "corner" the credit market. When you think about that, its insane.
At any rate, here are the squiggle counts. Short term a leading diagonal followed by a choppy (a)(b)(c) with wave (c) as a possible ending diagonal.
Real Clear Politics' Presidential Job Approval
I don't need to label the chart as one can see an impulse pattern to the upside in the disapproval ratings.