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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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