The 30-year Treasury bond made an interesting top in January. After a series of higher highs, which were punctuated by excellent time windows, the action has turned south. A quick review shows the top came 262 (Fibonacci ratio) trading hours after the November high, which was 359 hours beyond the September high. The 359 calculation is one less than a 360 degree circle. These high-to-high calculations are a bit out of the norm but perfectly acceptable in Fibonacci and geometric time analysis. One of the most interesting aspects of the bond chart is the inverse movement with the stock market. As you can see in "counting the hours," it topped on Jan. 23 and retested resistance on March 20. The stock market made an initial low Jan. 23 and either retested or made a fresh low on March 17. Price action failed at resistance and dropped back near the bottom of the range. This occurred as stocks staged a spring rally.
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