Will we see this in December ? NASDAQ Chart Reading Dec
just a quick chart reading here - as we see from the last few bars, the market seems to be looking for a reason to slow down and consolidate - back to the 100SMA (dark blue line on the price chart)
we have seen this scenario before - in the previous reading (linked below), the market respected both the channel and the 100SMA and reversed from there - after we had to take some pain.
the red rectangle represents possible reversal zone and would be around wk3/wk4 December - if not earlier - and somewhere between 15,500 to 15,700 - we see that it is a strong confluence area, potential support level meets with 100SMA and the lower border of the channel. Many traders will be watching that zone for a reaction
lower indicators already showing weakness coming in - they support a scenario of a wave down.
let's see if this will be the scenario to unfold, or are we in for other surprises.
<this is not a prediction - just thoughts on the chart and the price action - it can be totally inaccurate - please do proper analysis before making trading decisions>
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