All major cycle trends eventually come to an end. Historians then step in to attempt to determine the cause of the reversal. When the 29-year-old uptrend in the Chicago Board of Trade 30-year Treasury bond futures comes to an end, the ensuing analysis will be no exception.rnGiven chart action in long bonds over the past 2.5 years, we wonder if the death knell of that powerful rally initiated in October 1981 could be about to ring. Not only have bond prices traced out what could prove to be a long-term head and shoulders top, but the current symmetry of the pattern could be an indication that the next significant move could be on the downside.
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