NIB (Cocoa ETN) has hit the first target for a relatively quick 4.6% gain & appears likely to be headed to T2 very soon. As expected, NIB has taken out the 25.62-25.72 resistance zone with an impulsive move following today’s gap & breakout above the 60-minute bull flag continuation pattern. This opens the door for a continued move to at least T2 (26.50) although the measured target for the bull flag pattern is around 27.60.