Because bond yields move inversely to prices, that means prices should rise.
This follows up and builds on the analysis last week on the 30-year bond yield that looked at its movements since the all-time low in January. That analysis suggested that after rising a few more basis points, the rise from the January low would be complete.
Once that pattern was completed, the expectation was that yields should retrace 38% to 62% of their rise, and pull back to the 2.52% to 2.72% zone in the ensuing weeks.
Because yields rose a bit more, however, the ideal pullback zone is now 2.60% to 2.84%.
Many investors are more comfortable using prices when looking at bonds, so last week's analysis also looked at the iShares Barclays 20+ Yr Treasury Bond (TLT), the exchange-traded fund that tracks longer-term Treasurys.
The forecast was that the ETF would rise, in a corrective bounce, toward the $126 to $132 zone.
After a slightly deeper decline, that bounce zone can now be refined to the $123.50 to $128.80 zone in coming weeks.
As of last week, sentiment surveys show that as few as 8% of traders are now bullish on bond prices. This lack of bulls hasn't been seen since the third quarter of 2013. Following that herding uniformity (which is typically a reversal extreme), bond prices rose for 16 straight months to put in the peak this January.