Micro Dow Jones Futures (MYM1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 33432
Pivot: 32605
Support : 31852
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 32605 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 31852 where the pullback support, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 33432 where the pullback resistance is.
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 : 33432
Pivot: 32605
Support : 31852
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 32605 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 31852 where the pullback support, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 33432 where the pullback resistance is.
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.