If this bull flag breaks out, commodity prices will take up an increasing percentage of the broad money supply (#M2), even as the money supply itself goes up. In other words, commodity price inflation may get extreme once the #Fed pivots.
As you can also see, over the past couple of decades, commodity prices have typically gone down against the money supply, (which is largely what enabled central banks to engage in excessive monetary easing without causing high inflation). However, the tide is now reversing.
Since the yield curve inverted while this bull flag formed, the breakout of this bull flag is likely to coincide with the coming recession.
Therefore, one can reasonably interpret this chart as a #stagflation warning.
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