Some are surprised that the "flight to safety" from the recent equity market slide has not occurred. Market instruments often follow their own beat. Soon though TLT may be exhibiting a surge, possibly seemingly caused by further stock market weakness. The waves however indicate that a powerful third wave of a larger third wave may be ready to propel TLT prices higher. While many are focused on the huge Head and Shoulders formation that, if broken, can move prices down to under 100, the long term channel line remains as solid support and the wave structure appears impulsive, implying higher prices for now.