"Have we finally started to see a topping pattern form?"
Yes. maybe? Last night the debt auction went badly. The interest rate on the bond auction went above 5.4% (much higher than expected) and some of it didn't even sell. Looks like the banks can't afford it (no money) and no one else wants it (prefer gold) - and they only have about another 6.5 trillion worth of bonds to sell in the coming months.
So, it looks like Plan-A (GFC) is on the cards. (See here.) The narrative has now changed. => Both China and US manufacturing are expanding and odds of a rate cut in June have dropped below 50% and likelihood of a recession is zero.
The most likely scenario is for a "Lehman Bros" event, market drop and then the Biden mob will try to put a positive spin on it with a fed fix (to cash up the banks) and rate cuts back on the cards.
It will probably take months to play out and the bank failures will go global because the other central banks will want to use this excuse to cash up their banks and bond market also.
A "Reset" is unlikely because of the US election and Biden's main theme being the economy and the market. So a dip and a strong recovery is more likely with gold miners and big banks being the big winners.
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"Have we finally started to see a topping pattern form?"Yes....
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