GL : I use the example on the Chart displayed at above elliottwave website. In October 2000,3-mth U.S Treasury rates started to fall and the FED started their rate-cutting in Jan2001.How to make money out of this ? = watch where the Market is at the same time and you'll know(with a sufficient time window) that Money-flow is going positive soon, and that will kickstart a new Rally( in this case,from April2001 to June2001).The DOW screamed up to hit the 2000 High and fell to a lower Low.... and then Greenspan had to keep this going till the " Rally-failure Rally-failure" bottomed in 2002-2003.He only stopped lowering rates in June2004 ? (I think.)###.So, here we are at 9 months and the TOP40 is cruising.Debt is at an all-time High and the game is played by the Money,whilst the poor get hit first....but, importantly, the Rand has devalued by 40% since April-May2006.So now you know that cost-push Inflation will kick in even harder as the Currency Market says : "Up the Rates, or else.".I'm sure there must be some SA source to plot this pattern on our bonds( I haven't looked)...### It's a warning system and it's warning since June2006.It's all just a currency-devaluing game now.What can that Rand buy in Mar2007 compared to Mar2006....that's the secret of adjusting the inflated values to reality.Hence,my preoccupation with Kruger Rands as the only store of Value and the foundation of any SA investment strategy.( at least 30% of assets)...Adios.