Over the last one and a half months, we have seen the DJI correction in a possible B or X wave to a high of 34,386 or just above the 61.8% corrective target at 33,785. This should be enough and we should see the DJI lose steam from here and start to push lower towards support at 31,727. A break below here will confirm that the DJI has peaked for now and a new strong push lower towards at least 22,613 is in the cards.
That said, we might first see the real push lower at the beginning of 2023 as Christmas time always is beneficial for the equity markets.
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