Potential for Bearish Momentum

CBOT:ZC1!   Corn Futures
On the H4, price is moving below the ichimoku cloud and within the descending trend channel which supports bearish bias that price will drop from our pivot at 769'4 in line with the 61.8% fibonacci projection , horizontal pullback support and 50.0% fibonacci retracement , to the support at 735'6 in line with the 78.6% fibonacci retracement . The descending trendline on the RSI indicator also supports our bearish bias.

Alternatively, price may break through pivot to the resistance level at 786'4 in line with the 38.2% fibonacci retracement .

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