During pulling out of hole sucker rod (SR), the upper SR end (latched to elevator and SR hook above it) was lifted. The lower SR end was at the brake up position at rig floor height. The Derrickman and Floorman engaged the power tong to break up the lower joint. While engaging, the upper end of the SR started swinging (normal). The movement of the SR led to the upper elevator disengaging from the SR hook. The elevator fell down while still connected to the SR hitting the power tong. It came to rest on top of the power tong, still connected to the SR. Nobody got injured.