The advance from the Sept 2017 lows still appears to need a 4th and 5th wave to develop an impulse wave. Currently I favor a little more weakness to ed wave [iv], followed by further upside to end wave [v], so I am still expecting higher rates, but I dont think wave [iv] is quite finished. It would need a big move under 2.62 – 2.60 to question the idea that a decline is a 4th wave as I am showing.

Once 5 waves are finished from the Sept 2017 lows, we can then expect a sizable pullback in interest rates before resumption to the upside.