CCPI never achieved 2.0 (see link 5 on side) and is falling again so TLT was never a play.  SPY rebounds are ahead as inflation falls off from 2.0.  Let me quote Spitznagel again:

“Fed can keep spending as long as inflation stays low”

Inflation surge appears to be over…

The best momentum for a SPY rebound starts Sep 2 when pmi is announced. SPY will rebound before then BUT the uptrend starts Sep 2 if pmi good and GHA in the morning.

Always wait for econ data to confirm the uptrend (econ data is pmi and payrolls basically the first week of month).