The Day Ahead: PM Edition 2022-03-21

Bonds falling lower

Bonds

With the drop through 151^24 and 151^00 today in bonds, I have to go back to a previous count that I thought too ambitious but playing out, that the last bounce high on March 7th was a wave [II] which makes this wave [III] in development. Minor support at 149^01 but expect it to be soft and for ZB to drift lower to test 148^01 or 146^05.

Moving lowe…