On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 11793.75 at the pullback resistance in line with the 50% fibonaccio retracement to the 1st support at 11080.25 at the swing low in line with the 61.8% fibonacci projection , Alternatively, price may rise to the pivot and break the resistance to rise to the 1st resistance at 12233.00 at the swing high in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results