Bullish market is on the run. SPX Euro hedged analysis

Let's take a look at a different angle on multi year SPX run - SPX Euro hedged.
Almost 45 years of bullish market with price action in only the one upside channel, with 2 exceptions that were resulted to US recessions .
So what about 50% decline to early 2020x.
Comment: Is on the way
Reverse chart

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