Go Short on US Treasury Long-bonds

Look at this chart of the 30 year T-bond.... The US1 continuous contract is what I have graphed below...


Pretty much a perfect Fibonacci retracement on the pattern here. We've retraced 60% (I like using round number, 61.8% implies a bit to much precision if you use the textbook Fib values). As most of you know who are well-versed in Fib trading, 38.2%, 50% and 61.8% retracements are all valid "continuation" patterns. Therefore, my belief is that the bonds sell off here (causing rates to go higher). I wish I had the longer term chart out to 2002 to post (I'll get it for tomorrow), as it shows this same sell-off, retracement of selloff, then continuation sell off two previous times in the past 4 years in the 30-year bond. Also, if you look at the more recent price action you can see a bit of short-term double top forming, and if you squint (or just click on the picture to enlarge) you can see a couple days ago the T-bond had back-to-back bearish engulfing bars... In the interest of full disclosure, I'm currently short these bonds via the Rydex 200% Inverse mutual fund RYJUX since I cannot trade the real futures contract (the US contract) due to certain trading restrictions from my employer).

A very similar setup is available on the 10 year Note (TY1 contract on Bloomberg).