On a side note, I thought the 2018-2019 monthly chart on SPY/SPX looked crazy back then. We drew a rising wedge on 2019 and were ready for a pullback.
But looking at 2020-2021 the extension of this move is crazier, aka unsustainable. We have seen more money than ever thought possible, much less necessary, printed and injected into the market. The Fed’s basis for this was the “unreasonably low” inflation rates. Two things will kill this market, either inflation rising faster than expected by the Fed or if the market feels the Fed is cutting off their free money fix too quickly.
We are in a setup where the market could see a dramatic drop. However, even though this would not be unusual historically, this does not mean it will happen. We have seen the market just go sideways with very little pullback for months on end.
Just an observation, keep your options open.