Last week’s rally, powerful as it was, seems unlikely to mark the end of the long and all but relentless dirge in Treasury Bonds.  The uptrend would need to continue to 100.91, surpassing a small but technically significant ‘external’ peak recorded on October 11, in order to generate an impulse leg on the daily chart.  It would be the first such signal since August, but obviously no guarantee of higher prices. For now, we’ll assume that if and when this vehicle relapses, it will be bound for the 86.48 target shown in the chart. _______ UPDATE (Nov 16, 9:55 p.m.): Buyers pushed past a series of external peaks effortlessly, bolstering the case that a major bull move is under way. The next significant obstacle lies at 104.86, where an important high was recorded on Sep 30.