Here is my 2 cents regarding long term 20 year US treasury bonds. I am using the proxy TLT etf (probably a mix of maturities 20+ years)

Here is what’s curious we have experienced years of near zero interest rates and the FED has signaled higher rates going forward.

I am no expert on bonds but when I got my brokers license many moons ago we were taught higher interest rates decrease the value of existing bonds because as new bonds yield more, the existing bonds value in the marketplace decreases. Hence higher interest rates lower bond market.

We have had a very long bull market market in bonds since the 1980’s with rates near zero one wonders how long this can be sustained.
Looking at the chart of TLT there has already been a sizable decline since Feb 2016 (I imagine in anticipation of higher rates)

However it looks like a new leg higher in bonds could unfold. We appear to be commencing a wave 3 up in a new 5 wave impulse wave UP.

The time to short 20 year US treasury bonds has come and gone. I would be very wary to go short here.

My own indicators are not signaling to go long here either yet.