FX.co ★ Elliott wave analysis of The Dow Jones Index for October 3, 2022

The DJI has clearly broken below support at 29,653 which completes an inverse Cup-With-Handle pattern that calls for a decline towards at least 22,500 and likely even closer to the 61.8% corrective target at 13,993 in time. That said, we could see a smaller decline to 27,000 followed by a recovery towards 32,566 before the real strong decline towards 22,500 and likely 13,993.

No matter which path the decline takes, the overall momentum is downward for the coming months.