The Jung/Freud Approach

Dragon
(1) Is the dragon guarding a treasure, or a cave which might contain treasure?
If so, the cave probably represents your unconscious, the treasure represents yourself,
the dragon that stands between you and your true self represents the fearsomeness of the unconscious,
for one who is still afraid of what may be lurking there. This is a repression of the unconscious contents

(2) For Jung, the first stage of the individuation process is the conscious ego’s heroic
struggle {the hero/heroine journey of mythology} to lift itself out of the orginal all-encompassing unconsciousness
and to establish control of unconscious forces.
This finds symbolic representation in the legendary dragon-slayer, St George (St George = the ego; the dragon = the unconscious).

(3) The dragon may represent the devouring aspect of (your relationship with) your mother.
‘Slaying the dragon’ may therefore mean putting an end to whatever in your attachment to
your mother is detrimental to the process of finding your own psychic individuality.
Once the individual has achieved liberation from the ‘dragon’,
the feminine side of the man’s psyche and the masculine side of the woman’s psyche will no longer appear in threatening form,
but as an indispensable companion and guide in further stages of self-development.

(4) A dragon may represent the generative power of (Mother) Nature; the unconscious,
felt as womb pregnant with new possibilities of life.

(5) A winged dragon may symbolize some kind of transcendence,
some passing from ‘lower’ to ‘higher’ level of personal maturity.

(6) A dragon may be a symbol for your sexuality, particularily if it – your sexuality – frightens you.
Is your fear irrationsal; or does sexuality threaten to rule your life? In either case, don’t kill the ‘dragon’; if necessary tame it.
(In China, ‘chi’ is good, life-giving energy and the channels it runs along are called ‘dragon-lines’,
which are said to follow underground water and underground magnetic fields).