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After surging 36% from early 2014 through early 2015, the iShares 20+ Year Treasury ETF (TLT) is now down 16%+ from its high reached at the end of January.  At this point, the ETF is at the 61% retracement level from its 2014-2015 rally.  As shown in the five-year chart of TLT below, the uptrend that was in place for the ETF has now been broken, and a clear downtrend has emerged.  The $110 area looks to be the next level it wants to trend towards.

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