Expect ten-year rates to continue ratcheting lower, at least to the 3.959% ‘secondary pivot’ shown in the chart. The breach of p=4.242% was not decisive, and rates have yet to close for two consecutive weekly bars below it. However, the initial downside penetration reached the ‘sweet spot’ between p and p2, implying that an uptick in rates to the green line (x=4.526%) would be a short sale.  The chart is inconclusive about whether d=3.675% will be achieved, but an overshoot of p2 would shorten the odds. It is my maximum downside target, nonetheless.