Type:
Bearish Drop
Key Levels:
Resistance: 32606
Pivot: 31864
Support: 30405
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 from pivot at 31864 where the pullback resistance and 61.8% fibonacci retracement are to the 1st support at 30405 where the pullback support is.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 32606 in line with pullback resistance, 61.8% fibonacci projection and 38.2% fibonacci retracement .
Fundamentals:
Due to Powell's Hawkish Remarks about monetary policy at the annual Jackson Hole Symposium, we have a bearish view on the Dow Jones Index .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.