E-mini Dow Jones Futures (YM1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 32603
Pivot: 31862
Support : 30417
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 to pivot at 31862 where the pullback support, 100% fibonacci projection , 61.8% fibonacci retracement and 127.2% fibonacci extension are. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 30417 where the pullback support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 32603 in line with pullback resistance.
Fundamentals: Due to Powell's Hawish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the Dow Jones Index.
Resistance : 32603
Pivot: 31862
Support : 30417
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 to pivot at 31862 where the pullback support, 100% fibonacci projection , 61.8% fibonacci retracement and 127.2% fibonacci extension are. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 30417 where the pullback support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 32603 in line with pullback resistance.
Fundamentals: Due to Powell's Hawish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the Dow Jones Index.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.