T-bonds

Here is an hourly chart of June T-bond futures.

I was expecting the market to move below 109-31 but the news this morning gave it a second wind. I now think that the move up from yesterday's 110-14 low is part of the third and final phase of a three phase reaction that began from point a. I am expecting the high at point d, roughly at the 111-24 level. After that the market should move below 110.