Copper divided by S&P500: a cup & handle pattern?

In what follows I will show you a chart of the copper price divided by the S&P500.
A rising ratio means copper outperforms the S&P500.
Copper is now at an all time high versus the S&P500. That shows how hot the red metal is. Nevertheless, statistics show there is no inflation.
I always quote Mark Twain: there are lies, there are damned lies and there are statistics…

When I looked at the chart, I immediately saw a Cup & Handle pattern. For more information about this pattern, click here.

Chart courtesy stockcharts.com

If this is true, then we can expect the red metal to outperform the stock market for quite some time. The ratio should then explode to uncharted territory.
Maybe the mysterious trader who bought up to 80-90% of the whole copper market also sees this pattern and is positioning himself accordingly.