E-mini Dow Jones Futures (YM1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 33435
Pivot: 32609
Support : 31851
Preferred Case: On the H4, with price breaking out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 32609 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 31851 where the pullback support, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 33435 where the pullback resistance and 50% fibonacci retracement are.
Fundamentals: Due to fears of aggressive interest rate hikes ahead of the central bank’s annual Jackson Hole economic symposium, we have a bearish view on the Dow Jones Index.
Resistance : 33435
Pivot: 32609
Support : 31851
Preferred Case: On the H4, with price breaking out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 32609 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 31851 where the pullback support, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 33435 where the pullback resistance and 50% fibonacci retracement are.
Fundamentals: Due to fears of aggressive interest rate hikes ahead of the central bank’s annual Jackson Hole economic symposium, we have a bearish view on the Dow Jones Index.