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Gold-Copper Ratio, (very) LONG; This WAS the top of equities ...

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... most likely.

Let's reason for a second. (Despite all the noise out there.)

The title chart is the Monthly Gold/Copper Ratio, e.g. is very powerful. (It does not tend to turn on a dime!)
This has just completed the month of Jan. 2021.

1) It has finished the month by completing a Bullish Hammer, bouncing off of the (very) round number / level of 500;

2) It did so exactly at the 78% retracement of the March 2020 highs - i.e. Pandemic equity lows;
Then, instead of continuing down (equities continuing to rally) it did turn "on a dime" and finished in a Bullish Hammer - raring to go higher, i.e. equities lower.

3) As of this moment, the above picture, provides one with two distinct possibilities.
a) That massive (Monthly!!) Bearish Deep Crab is going to bear down it's target at the - very - round 1000, e.g. sending the SP500, Dow and Nasdaq to a better than >65% Decline; (Most likely!)
b) This ratio is going to trace back, close to the March, 2020 highs - Pandemic Equity lows - where it's going to reverse and rise, once again. I.e. The test of the March, 2020 equity lows are going to hold.

Either way, the significant take away here is this;
Unless these most recent Equity Index highs are taken out very soon - e.g. with this next month - Equities are headed strait to test the March, 2020 lows, where the obvious question remains: Will those hold?

Have a nice day and stay short equities!

Here is the Weekly chart;