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Eiffel tower patterns formed in the Iron & Steel index and U.S. Steel (X)…be aware that if you see the left side of the Eiffel tower, you often end up seeing the right side too!
The Iron & Steel index/U.S. Steel have had a rough go over the past couple of years, reflecting major relative weakness compared to the broad market. Both are nearing their 2002 lows.
They both reflected relative weakness in the late 90’s, prior to the 2000-03 recession ever taking place. Joe Friday says….The world needs these two to start heading higher to end their contraction message!