The move from the Jul 2019 lows appears to be developing as an impulse wave (5 wave rally), a new high still appears to be needed, so I favor we still see minor new highs on both ZB and ZN. Whilst TLT remains above $136.00, I still think one more high can be seen, it’s then it can potentially offer a bearish setup for a move lower.

As TLT and ZB move to a new high, TYX is expected to make new lows to end the 5th wave of an impulse wave from the Jul 2019 high (2.67%). Expect the media to freak out, a rally on TYX (yields move higher) can develop from new lows.