E-MINI DOW JONES FUTURES (YM1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 33432
Pivot: 32602
Support : 31864
Preferred Case: On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 32602 where the pullback support is to the 1st resistance at 33432 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively price could break pivot structure and drop to 1st support at 31864 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Due to fresh worries of global growth, 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 : 33432
Pivot: 32602
Support : 31864
Preferred Case: On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 32602 where the pullback support is to the 1st resistance at 33432 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively price could break pivot structure and drop to 1st support at 31864 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Due to fresh worries of global growth, 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.