FX.co ★ Elliott wave analysis of the Dow Jones Industrial Index for October 20, 2022

The DJIA peaked at 36,952 on January 3 and should continue the corrective decline for many months to come. However, in the short term, we are looking for a final wash-out to force the DJIA down to 27,000 from where a Santa rally is expected towards 32,140. Once there is 2023, the index is likely to resume its nosedive towards at least 18,303.

We see a lot of trouble in the current market environment such as inflation, the war in Ukraine, tension between China and Taiwan/USA and possible uprisings in different countries that could ignite a strong decline during 2023. "So, don't try to catch a falling knife"!