Yesterday’s rally impaled a 142^28 rally target that was achieved much more quickly than I had anticipated.  The A-B impulsive phase of the rally took a little more than two months to complete, but the far steeper C-D leg took only half that. Moreover, the target was exceeded by a significant ten ticks, implying that bulls (and of course short-covering bears) may have more buying to do. Ordinarily I would look to get short here, given the  persuasive and precise look of the pattern that produced the target. In this case, though, we’ll play it cautiously and sit out the creation of a possible top near these levels.  Once the subsequent correction has run its course, we should expect the next rally cycle to carry to at least 145^23, the Hidden Pivot target shown as D2 (see inset, a continuous weekly chart . Regarding how quickly it might be reached, we’ll make no assumptions of a slowdown in this world-beater’s ascent. This will have implications for the way we position ourselves in TLT, where the expected widening of bullish calendar spreads we bought has been subdued because both sides of the spread have gone well in-the-money. _______ UPDATE (10:20 a.m. EDT): Bullish as I’ve been on T-Bonds, I could neither have imagined nor predicted the frightening power of today’s rally.  Although the futures have sold off hard after spiking spectacularly in the early going, the rally has affirmed the flight-to-safety concept in spades. U.S. Bonds are where the world’s investors will turn when it’s time to circle the wagons.  Incredibly, that day may be at hand. It is almost surreal that there’s at least a small possibility Ebola will turn out to be the Black Swan we’ve all dreaded for so long.