Exultant, in very high spirits (4-1-4)
I believe the answer is:
cock a hoop
I believe this clue is a double definition.
'exultant' is the first definition.
(I've seen this before)
'in very high spirits' is the second definition.
(I've seen this before)
(Other definitions for cock a hoop that I've seen before include "in very high spirits" , "top of the world" , "Excited" , "ecstatic" , "exultant" .)