Although the rally from the October low at 82.74 has seemed impressive, it has yet to surpass any significant obstacles. The first test lies just above in the form of a Hidden Pivot resistance at 100.57, the ‘D’ target of a clear and compelling reverse pattern.  If buyers are able to get past it, the next significant challenge would be at the pattern’s ‘B high at 109.68; and thence at 120.69, an imposing peak from early August. The decisiveness of any move above these benchmarks would be a factor in determining the rally’s staying power. _____ UPDATE (Jan 5); The puts that subscribers bought for 0.19 traded for ten times that today on hard selling that drew only a brief, contrarian respite in the first hour. TLT finished just off the low of the day and could continue falling to the 95.26 target shown in this chart before it gets a foothold.