The channel is at the lower end - levels of 180-200 on the long bond within reach of a new long bond bull market that may be just beginning. Last one was brief 306 days and ended with COVID19 starting in March 2020. Past bull markets have lasted between 12-18 months. Also possible that the current trend will fizzle out. The eurodollar futures curve seems to signal that the long bond bull market is a true phenomenon. Disclosures: Long TLT. Long ZB1 (30 year bond futures).