Our stance remains bearish [30-year U.S T-bond prices]. The active daily continuation futures contract dropped to 173^07.0 yesterday afternoon and closed the session at 173^29.0. Prices bounced a bit today. The extreme sentiment conditions that have been discussed here, in EWFF and in EWT, remain intact. The wave structure of the rally may be acceptably labeled complete. If a top is in place for bond prices, they should soon start to decline in a more intense manner. The initial target is 5-10 points lower than current levels. A close at a new high, above 177^11.0, would mean that the bond rally was extending.