E-mini Dow Jones Futures (YM1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 31860
Pivot: 31240
Support : 30417
Preferred Case: On the H4, with price breaking the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 31240 where the swing low support and 78.6% fibonacci projection are. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 30417 where the pullback support and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 31860 where the overlap resistance and 23.6% fibonacci retracement are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the Dow Jones Index.
Resistance : 31860
Pivot: 31240
Support : 30417
Preferred Case: On the H4, with price breaking the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 31240 where the swing low support and 78.6% fibonacci projection are. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 30417 where the pullback support and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 31860 where the overlap resistance and 23.6% fibonacci retracement are.
Fundamentals: Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the Dow Jones Index.