Title: Cocoa Futures ( CC1!), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 2506 Pivot: 2422 Support: 2280
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head towards the Pivot line at 2422, where the 50% Fibonacci line and 61.8% Fibonacci projection line are located.
Alternative scenario: Price head back up towards the 1st resistance at 2506 where the 23.6% Fibonacci line and 100% Fibonacci projection line are located.