A Familiar Pattern for the SPX

There is a familiar pattern of short-term rallies that transition into consolidation and collapse in rather spectacular form. All of it happens within a definable channel that goes back to the the very beginning of 2013. I think this is a sign - particularly the last 6-9 months - that there is a short-term mentality amongst the speculative ranks. Should it look like the long-term trend is in jeopardy, this is not the crowd that will fight to keep the market up...