ΣL Cycle Summary
A wonderful cycle in this long term analysis of 20 year treasury bonds, via iShares popular ETF TLT. Running at around 526 days (or around 17 months - perhaps the 18 month nominal wave?) this component dominates the spectra at wavelengths below 1000 days over the last 15-20 years. Recently producing sideways price action, the next trough of this significant feature is imminent with a subsequent peak due toward the end of the first quarter 2026.