Buyers ripped through the midpoint Hidden Pivot (p=96.42) of the pattern shown with such force on Friday that there can be zero doubt where they are taking this vehicle, an ETF proxy for the long bond. The 105.49 target looks all but certain to be achieved, presumably within the next 5-7 weeks. A move of such magnitude would equate to a fall in long-term rates to 3.64% [restated from 3.67% to correct Tradestation glitch) from a current 4.11%. This will not be caused by anything the Fed does, but by the recession the banksters have kept at bay with massive quantities of funny money even when they supposedly were tightening. Another potential source of lift could come from a stampede into safety precipitated by the sight of a mushroom cloud billowing over some G-d-forsaken city or nation. _______ UPDATE (Aug 31): The spearing of ‘p’ earlier this month still makes TLT a good bet to reach the 105.49 rally target — eventually. For now, though, buyers will need to screw up their courage as T-bonds weather gale-force headwinds caused by the prodigious borrowing needs of the U.S. Treasury.  A nearly 5% drop to the green line (x=87.34) looks increasingly likely before deep recession intercedes with what no one will call ‘relief’. Here’s the chart.