E-mini Dow Jones Futures (YM1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 34247
Pivot: 33439
Support : 32608
Preferred Case: On the H4, with price moving above the ichimoku indicator and along the ascending trendline , we have a bullish bias that price will rise from pivot at 33439 where the 23.6% fibonacci retracement, 61.8% fibonacci projection and pullback support are to 1st resistance at 34247 where the swing high resistance, -27.2% fibonacci expansion and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 32608 where the pullback support and 38.2% fibonacci retracement are.
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. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 34247
Pivot: 33439
Support : 32608
Preferred Case: On the H4, with price moving above the ichimoku indicator and along the ascending trendline , we have a bullish bias that price will rise from pivot at 33439 where the 23.6% fibonacci retracement, 61.8% fibonacci projection and pullback support are to 1st resistance at 34247 where the swing high resistance, -27.2% fibonacci expansion and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 32608 where the pullback support and 38.2% fibonacci retracement are.
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. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.