SPX500USD H4 | Bearish reaction off 100% fibo projection?

TitleSPX500USD H4 | Bearish reaction off 100% fibo projection?TypeBearish ReversalPreference:Price is slowly heading towards out pivot point at 4516.3, which is at the 100% fibo projection. The overall market structure is currently making lower highs and lower lows, which shows that it is a bearish trend. Hence, if price shows a bearish reaction off the pivot point, it could fall to the 1st support at 4479.1, which is a multi-swing low support.Alternative scenario:If price breaks above the pivot point, then price could potentially have a shift in market structure, and price could rise to the 1st resistance at 4536.1.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.