"The neckline has been broken over the last few days"
By Elliott Wave International
A "calamity" is likely ahead for corporate bonds, says our head of global research, Murray Gunn.
Some of Murray's analysis involves the head and shoulders, a classic
technical chart pattern. In case you're unfamiliar with it, here's an
illustration along with an explanation from one of our past
publications:

A head-and-shoulders is a reversal pattern
that consists of three price extremes. Market technicians refer to
[them] as the left shoulder, head, and right shoulder. ...it takes a
break of the neckline to confirm a reversal... [and it's] not just a
bearish reversal formation. Inverted head-and-shoulders mark bottoms.
With that in mind, here's a chart and commentary which Murray provided for the April Global Market Perspective, a monthly Elliott Wave International publication which covers 50-plus financial markets:
