E-mini Dow Jones Futures (YM1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 32591
Pivot: 31864
Support : 30432
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 from pivot at 31864 where the pullback resistance and 23.6% fibonacci retracement are to 1st support at 30432 where the pullback support and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 32591 in line with pullback resistance, 50% fibonacci retracement and 78.6% fibonacci projection.
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 : 32591
Pivot: 31864
Support : 30432
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 from pivot at 31864 where the pullback resistance and 23.6% fibonacci retracement are to 1st support at 30432 where the pullback support and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 32591 in line with pullback resistance, 50% fibonacci retracement and 78.6% fibonacci projection.
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.