The Cyclical explanation is that the rally completed 27 calendar days (8.6*3.1416) as of yesterday. Today is a Primary Cycle (Panic Cycle) Pivot that has the ability to turn into a panic decline through the end of December. The Panic Cycle had a 8.6-day delay by turning today instead of November 3, as originally anticipated.

I am currently targeting December 24 as the Panic Cycle low and Master Cycle bottom.

TNX appears to be in a retracement that may take it as low as its Cycle Bottom support at 21.68. This seems to be a knee-jerk rotation into Treasuries as money comes out of equities. It is likely to be a fake-out as Treasuries are now also caught up in the Panic Cycle as the November 7 high was a Primary Cycle high. The Cycles Model suggests a turn to higher yields During the week of November 17.

Regards,

Tony

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