After the long bond TLT hit its previous wave 4 high in the area of 94.94, the price started to pull back. At the same time, it also confirmed that the 88.14 low is currently the short-term bottom.  

So far TLT only made a38% retracement, but it is likely to make a 50% retracement to the 91.51 area, which was the March 14 gap.

The price may dip further to 90.50 area if the equity market continues moving up to anticipate the rally bias on the first day of April.

Nevertheless, the major upward correction for the TLT hasn’t completed yet. We still expect one more bounce move from the area above 90 level.

Therefore, we should continue looking for support around 91.51-91.25 range for a buy entry with stop loss 90.