Here's how I interpret the TLT chart: A shallow upward sloping channel overall long bull trend which was severely disrupted by the Covid crisis where we saw bonds spike to extreme low levels as yields plummeted which was then followed by an extreme reaction the other way to the downside as investors bet against US debt. It looks to me like the current rally may be this TLT ETF getting back to its more 'normal' channel from its extreme low. It is not there yet.