reynar
Short

DJX DowJones Potential Correction on The Horizon

CBOE:DJX   1/100 DOW JONES INDUSTRIAL AVERAGE INDEX
I 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?
Mar 24
Trade active: The S1) ElliotWave should be a little bit tighter. Not so long. Should end at about the 2nd Outer Circle.
ALso S3) CDE correction might be one step higher between S3.1 & S3.3. Just maaaybe. We shall see if we reach that point, I guess :-?
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