Long Bond ETF TLT Probably Didn't Bottom Yet

The Elliott Wave Count, Volume, BND Lead Indicator, and Candle Tell Me That the Long Bond ETF TLT Probably Didn't Bottom Yet. TLT's in a Wave 4 Minor Intermediate Term Downcycle, of the Wave 3 Major Intermediate Term Upcycle since early April, see http://finance.yahoo.com/q/ta?s=TLT&t=2y&l=on&z=l&q=c&p=v&a=fs&c=. So, TLT should soon enter a Wave 5 Minor Intermediate Term Upcycle.

The near term Long Bond ETF TLT Elliott Wave count still looks bearish, see http://stockcharts.com/charts/gallery.html?s=tlt. Since the recent 109.02 Wave 3 Minor Intermediate Term Cycle High TLT did a two day Wave 1 Downcycle, followed by a two day Wave 2 Upcycle, THEN, TLT appears to have done a big Short Term Wave 3 Downcycle, having it's own Elliott Wave down up down up down pattern, that bottomed at 100.85, after filling the 101.03 downside gap.

The TLT candle at 100.85 isn't a bullish one, see http://stockcharts.com/charts/gallery.html?s=tlt, which is another sign that TLT might not have bottomed yet. So, TLT appears to be in a Short Term Wave 4 (and Wave B) Upcycle based on the Elliott Wave count and the somewhat bearish candle at 100.85.

Also, the volume pattern suggests that TLT might not have bottom yet, with a huge 17+ million share bearish red downtrend volume spike the day before TLT hit 100.85, and, volume shrank dramatically when TLT bottomed (likely Short Term Wave 3 Cycle Low) at 100.85 the next day.

Also, TLT has an unfilled downside gap at 99.94, and, the three month BND Lead Indicator is still bearish, see http://finance.yahoo.com/q/ta?s=TLT&t=3m&l=on&z=l&q=c&p=v&a=fs&c=bnd. So, there's a good chance that TLT still needs to do a Short Term Wave 5 Downcycle, and, will probably fill the 99.94 gap, probably bottoming shortly after doing so. Ciao