First, I would wait for a breakout from TMF. Unlike TLT, TMF hasn't managed to rise above the 200-day moving average since 2021. There was one attempt on December 27, 2023, but that doesn't count due to the low volume market.
If a breakout occurs, the next target for TMF is 70, which we could reach by July. However, to go further, we need clear indications that interest rates will start to decrease in the fall, and at least a couple of rate cuts this year.
We are unlikely to see that clarity in the coming weeks. This means another correction will likely follow.
