Bearish Breakout

Key Levels:
Resistance: 1918.99
Pivot: 1789.4
Support: 1640.99

Preferred Case:
On the H4, with price breaking out of an ascending channel and reversing off the ichimoku resistance, we have a bearish bias that price will drop to the pivot at 1789.4 where the overlap support, 38.2% fibonacci retracement and 100% fibonacci projection are. Once the pivot structure is broken on the downside, we would expect bearish momentum to carry price to 1st support at 1640.99 where the pullback support and 61.8% fibonacci retracement is.

Alternative Scenario:
Alternatively, price could rise to 1st resistance at 1918.99 where the pullback resistance is.