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Indices In a Correction Mode but Still Bullish in The Long-Term

By:
Tomasz Wiśniewski
Published: May 27, 2021, 10:57 UTC

In today’s Traders Edge Market Briefing, Tomasz found these amazing setups we thought you’d find interesting!

Indices In a Correction Mode but Still Bullish in The Long-Term

In this article:

 

American indices take a small break after the buying marathon which started the previous week.

DAX bounces from the 38,2% Fibo and the lower line of the flag. That is bullish but the false breakout from Monday can be a little bit worrying.

Gold breaks the upper line of the pennant and climbs higher to test the upper line of the channel up formation. The life of a gold bull seems ok at the moment.

The same with oil bulls. Today, we do have a small correction but the main sentiment is definitely positive.

The EURUSD extends loses after the double top formation.

The AUDCHF is still above a major support but it doesn’t look like a bounce, more like a correction and preparation for another leg down.

The NZDCAD climbs higher after the false bearish breakout.

The EURCAD makes a double top formation on the 38,2% Fibonacci. That is one of the best price action setups there is. A bearish setup of course

The GBPJPY is waiting for a breakout from the symmetric triangle pattern. That can turn into an awesome trade pretty soon.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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