The 10-Year T-Note has confirmed a new price channel (navy blue on chart above) within a megaphone (pink on chart below). The price is coming to the critical decision point within that price channel for a breakout upwards into a melt-up channel vs. a breakout downwards into a sideways move.
Because the pink megaphone is now legal for an upward breakout (purple scenario), there are excellent odds of seeing a melt-up. The set-up is to go long on an upwards breakout from the navy blue price channel.
The theoretical target of an upward breakout from the navy blue channel would be the top of the bright blue megaphone. However, usually in a megaphone of this size, the price would fall a bit short (while passing the October 15th high).