Reading the SPY:GLD runes

Looking at the SPY:GLD chart, it looks very much like an ending diagonal is in progress and that we are most likely in wave 5 thereof:

What might this mean for the main SPX itself then? I'm thinking that (to I am sure, no-one at all's surprise) that this would indicate that the main market still has a little more upside love to give us before it's done.

So what is GLD looking like then? Well this is either in a long-term wedge or a channel - either way, there is a fairly solid up-trend intact there - which is bad news for anyone expecting the SPY/SPX to plummet any time soon:

Blow-off tops all round then.