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Djx

DJX DowJones Potential Correction on The HorizonI was really curious how DJX might look like this days. So I made this. I hope I'm wrong - so take it with a grain of salt... DJX seems to have completed a Major Elliot Wave Pattern, starting from the 2008 Crisis. It's starting to show signs of a correction. I've put together 3 major scenarios: Starting from best-case scenario to worst-case scenario S1) GREEN ABCDE correction It hold support at ~235 (S3.0) It will form a descending triangle (from which it could hopefully break out). Descending triangle forming between S3.0 - S3.1 - S3.2 This is based on "Fib1" retracement. S2) RED ABC correction - based on Fib1 and MajorFib ( that started in 2008) Break supports at S2.2 ~235 Meets CA1 - Critical Area 1 Bounceback from S2.1 to previous S2.2 Completes cycle at the end of Fib1, and Major Support S2.0 S3) ORANGE WAVE - based on Fib2 and MajorFib (from 2008) Break Support at S3.3 Finds Resistance at S3.4 Goes down to S3.2 /or/ S3.1 - S3.1 More likely to fit ElliotWave rules Find Support at S3.1 Resistance at S3.2 Completes cycle at S3.0 Which is a major Support (it is the end of EW3). That kind of concludes it for me. What do you think? I've started making charts only very recently and I really like it. Feedback is always appreaciated. See related ideas for a "zoomed out" view of this. Also, what do you think this might mean for the global financial market?
DShort
by reynar