The current pitchfork trend is holding and I'm looking at the US10Y reverse at 3.332% this month. I'm also expecting the fed to over tighten or some other news event to drive the US10Y to 5.376% by June 2023. The nature of pitchforks are able to easily visualize the physics of the market and I'll do my best below to explain what I'm seeing.
From a price action perspective the US10Y broke the median from the beginning of time and is coming back to re-test it as support.
As of August 2011 gap down to Jan 2014 price action has respected that median range through today.
In the world of physics, when you have a huge swing away from the median, you'll also have the same energy swinging back in the other direction. Think of a swinging palm tree in the wind.
The same is happening here and is illustrated by capturing the breakdown in Feb 2020 where price quickly broke trend then held the 3 standard deviant move down during the 2020 crash. US10Y has quickly made a move in the other direction and is preparing to breakout with huge force.