With each new upthrust, TLT continues to pass our tests — most recently by creating of a fresh impulse leg on the daily chart. This occurred when the rally exceeded  a look-to-the-left ‘external’ peak at 91.61 recorded on September 22.  The move topped 11 cents shy of the 93.17 ‘D’ target shown in the chart, so that obstacle remains to be tested this week. Assuming it is exceeded, the next daunting impediment would be the 96.54 peak recorded on August 31. It is important enough that any move above it should be regarded as a sign that a potential bull market is emerging from its infancy.