E-mini Russell 2000 Futures(RTY1!),H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 1846.4
Pivot: 1794.6
Support : 1681.1
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 the pivot at 1794.6 where the pullback support and 61.8% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 1681.1 where the swing low support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1846.4 where the pullback resistance, 23.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: No Major News
Resistance : 1846.4
Pivot: 1794.6
Support : 1681.1
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 the pivot at 1794.6 where the pullback support and 61.8% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 1681.1 where the swing low support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1846.4 where the pullback resistance, 23.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: No Major News