The Dax is at a critical juncture, currently threatening to break back above sloping sup/res (neck-line.)
Bears will be hoping for a failure here and vice versa. Note the 0.38 fib was clear support, suggesting that the December 2014 low marked the beginning of the wave, with the April 2015 high marking the end.
Consequently, the re-tracement could be done. Confirm a break above the level of 11750 and I'll turn bullish the Dax.