Before we get into the “real” ratio charts, here’s one I haven’t looked at in a while – Ethereum divided by Bitcoin. What a fall from grace $ETH has had! It’s just a steady swoon lower, illustrating how far $ETH has fallen out of favor when compared to $BTC. Most folks seem to agree that in the world of crypto, there’s Bitcoin, and then there’s garbage. Ethereum seems to have joined the ranks of $MELANIA in that respect.

Now, on to a few ratio charts.

Here’s the All World equity index divided by gold. The top is massive, but upon examination, I’ve decided it actually hasn’t completed quite yet. As the saying goes, close, but no cigar.

The Nasdaq 100 has beaten the pants off of small caps. It has never been more highly-valued.

The small caps, when divided by silver, have completed a massive diamond reversal pattern, and I suspect (and hope!) it goes vastly lower.

The very long-term cycle of metals versus precious metals miners continues apace, although we’re in bounce mode right now as GDX is taking a much-needed breather.

It hasn’t broken out yet, and I consider this a fairly low-probability outcome, but if silver apes its behavior from years past (green base on left side), this metal has a long, long way to go on the upside.

Finally, the S&P 500 divided by Bond Fund ratio is quite the sign, since this multi-decade wedge has failed, and recent market strength (and bond weakness) has pushed it to challenge the broken trendline. A “tag & tumble” from this trendline would finally put the bears in the driver’s seat again.

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