Since mid-December 2023 a series of descending triangles have appeared that include Apple, Boeing, Caterpillar, Walgreens, and the Japanese Yen. This is very similar to what occurred between April – September 2008 with stocks such as Apple, Chevron, Disney, and Goldman Sachs. Currency descending triangles in 2008 included the British Pound, Canadian Dollar, and Swiss Franc. Based on the current Japanese Yen descending triangle, it is a preliminary indication of positioning expected in the U.S. Dollar before moving higher, as noted on January 20, 2024.
Stock charts courtesy of StockCharts.com.
