This chart tells me Europe is about to collapse

This is a ratio between S&P500 total return and French CAC40 total return. It surprised me, but each time it touched a bottom of the channel, a geopolitic event occurred somewhere and both Euro indexes and EUR/USD collapsed.
2010 : First Greek debt crisis
2011 : Second Greek debt crisis
2014 : End of QE3 and bad economics in Germany
2015 : China bubble bursts

I dont know what could freak investors right now. May be bad economics in Germany, or Catalonia referendum, or simply US economy outperforming Europe, which would bring back investors.