Another Cliff To Watch

While so many traders are preoccupied with fiscal cliff, I am more worried about another cliff. Below is the correlation chart of Copper Futures and PHLX Semiconductor Sector Index. It is amazing how closely they track each other. These are the backbones of industrial and technology sectors.
This chart is my biggest reason for staying bearish. At the time when SPX and other stock indices made 4-year highs earlier this year, HG and SOX did not even come close. Enormous head and shoulders pattern has developed. Though it is important to identify that every time they looked like they were about to break down, they bounced and moved higher.
200 wsma is the neckline - the cliff. What will happen this time?

click on chart to enlarge