Micro Dow Jones Futures (MYM1!), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 32606
Pivot: 31864
Support : 30405
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 61.8% fibonacci retracement are to the 1st support at 30405 where the pullback support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 32606 in line with pullback resistance, 61.8% fibonacci projection and 38.2% fibonacci retracement.
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: 32606
Pivot: 31864
Support : 30405
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 61.8% fibonacci retracement are to the 1st support at 30405 where the pullback support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 32606 in line with pullback resistance, 61.8% fibonacci projection and 38.2% fibonacci retracement.
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 .