GER30 H4 | Bullish bounce off 78.6% fibo?

TitleGER30 H4 | Bullish bounce off 78.6% fibo?TypeBullish BouncePreference:Price is in a short term downtrend, and there is potential for a buy entry at the pullback of this downtrend. Our pivot point is at the previous swing low support level, 78.6% fibo retracement and 61.8% fibo projection. We can expect a bullish bounce off this fibo confluence area, which is at our pivot point at 15690.8. If price bounces off this area, then price could potentially rise towards the 1st resistance at 15839.6, which is a swing high resistance level and slightly above the 50% fibo retracement.Alternative scenario:If price breaks below the pivot and fibo confluence area, then price could fall to the 1st support at 15559.1, which is a swing low support and aligning with the 100% fibo projection.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.