Ew, no. lol - it should look like a circle.
Your audio configuration all looks correct, but the signal scope does not. I would check that both the L and R connections between the PLX and mixer are correct and that you have the input set properly; match the mixer channel input to the setting on the PLX output:

And verify you have the L and R connections in the right terminals, otherwise the timecode will go backwards.
If it still doesn't look like a circle, check the headshell connection or possibly the cartridge wiring to the headshell.


