Type: Bullish RiseKey Levels:Resistance: 1827.6Pivot: 1752.1Support: 1681.3Preferred Case:On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise to the pivot at 1752.1 in line with the overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the intermediate resistance at 1795.3 in line with swing high resistance and 78.6% fibonacci projection . Should price break intermediate resistance, we would have a bullish bias that price would rise to the 1st resistance at 1827.6 where the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension are.Alternative Scenario:Alternatively, price may drop to the 1st support level at 1681.3 in line with the swing low support.Fundamentals:Equities continue to experience a volatile summer trading season as Russell 2000 futures continue to trend lower, giving us a bearish bias on Russell 2000.
Source: Tickmill
