The Dax is facing its next test. Prices below the range of 11,850 points signal a completed head and shoulder formation and the undermining of the neck line. Thus, the Fibonacci support area at 23.6% of the longer-term upward movement at 10,280 points since the end of 2018 is considered broken.
If the Dax falls below 11,850, the probability is high that the open gap will be closed first. The calculated target of the head and shoulder formation is in the area of 11,350 points (50% fibo retracement).