Reversal Sure looks like an S&P top and reversal to me but no one else sees it. Even this board which would arguably be the bearish of all boards has turned hugely bullish. Everyone here is embracing the S&P/equities to go higher higher and if the bearest if bears are now bullish; who's left to buy? No more buyers, market corrects.
The S&P is NOT going to crash, but it's ran from 1380 to 1680 in 5 months, so a medium term correction is definitely likely IMO. It may need a catalyst though.
As far as the Gold argument I just don't see gold going up before the correction in equities occur. The reason being is that equities are the market's "inflation hedge" right now and until investors get spooked by a correction in equities--or something makes them feel not so invincible--they won't seek out another asset class to hedge the inflation being produced by the Fed. They'll have no reason to because equities are going up and up and up, so they do the trick for now.
However, yes. Gold, silver, and commodities in general are the ultimate inflation hedge. As much as I hate "buy and hold" or more properly "buy and forget", about the only thing I would employ that strategy to is commodities right now.
Good luck to all though. We live in some amazing historical times.