I randomly thought of a new legendary item which could be pretty fun so thought i'd share it. It's called the Belt of Elemental Reflection. Similar to Convention of Elements it cycles through the elements at 4 second intervals (and provides the same visual queue) and reflects %damage taken back at the attacker. As a random property one particular element dominates and runs at an 8 second interval with double the buff. I'm just pulling a number out of my arse here but lets say the damage range was 20-25% and it rolled as a Fire belt with 25% reflection. That would mean on the fire cycle it would run for 8 seconds and reflect 50% damage taken back (meaning you also take 50% reduced damage) then for all other elements 4 seconds with 25% reflection. I could see this offering genuine strategic value in long fights (eg tough Elite's with specific elemental affixes and Bosses with specific elemental attacks). For 8 seconds you know you are taking less damage and reflecting more damage back so you can go in hard, then back off when the cycle ends.Even if the Elite/Boss is using elements that are not the belts main one, you will still potentially gain some benefit, with a bit of luck.
It could also offer some synergy with an Amulet of Immunity so for example if you have a Cameo (arcane) you could try and farm a fire belt meaning you now have immunity to arcane and improved defensive/offensive capabilities against fire. I chose a belt simply because the ring slots are dominated by F+R but it could arguably be a helm, shoulder, bracer etc.
I also thought of this because reflect damage really messes me up so I want some payback. If monsters can do it I see no reason why players can't as well. In the case where you get a reflect damage pack I imagine it could go into a sort of recursive loop, so some sort of rules would need to be established, ie. if you are reflecting damage they did to you back on them it does not bounce back on you, and vice versa, which again, at least offers some sort of protection against reflect packs.