New Recovery Highs Expected in UltraShort T-Bond ETF

My near and intermediate term work indicates strongly that the upside pivot low at 44.01 last Friday (3/06) in the ProShares Ultrashort 20+ Year T-Bond ETF (NYSE: TBT) completed the corrective period off of the 2/09 recovery rally high at 49.86. If that proves to be the case, then all of the action this week- the climb to 48.20 on Wed., followed by the pullback yest. and today- represent the start of a new upleg that should propel the TBT to new recovery highs. Let's notice that the 50 DMA is accented sharply higher now, and the 20 DMA is flat, creating a positive momentum condition within a very constructive pattern that has been developing off of the December low. After a bit more backing and filling, the TBT should begin a new upleg. Only a plunge that breaks 44.00 will wreck my current technical outlook. MJP 3/13/09 11:15 AM ET (46.45)