TLT - Successful Three Week Test of the Low

TLT tests the closing low of three weeks ago. This used to be a pretty reliable indicator and a buy signal for me. Took a pilot position at 99.80. Stocks appear to be overextended so any selloff might cause a move to bonds.

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The low got taken out the next week but continue to maintain the "pilot" position. TLT acted well in the recent market selloff. Is TLT cheap enough to offer some protection against a stock decline? Maintaining my position just in case.