My forcast regarding DAX since QE3 i.e September 2012 was 9706 and I have mentioned it many times in my previous studies.
I still consider that as of now, and above 9706, we are at an illusive and exessive level, this is also confirmed by the and you can even ad or W%R. Nevertheless, I am not the marketmaker, and market decided that there was still room and confidence and money to go above that level. We may very much hit 10000+ today just for the fun, in order for trader to say that they have witness that level.
However, ECB PResident made a clear statement today about the futur prospect of the EU Economy and perspective are not nice. That is why, in order to boost the economy and the , ECB decided to lower its interest rate and announced that it is preparing a package. It is still too early to know when it will be launch as well as the amount, but I've heard from ECB people and ECB watchers, is that this will be launch between September 2014 and MArch 2015 and the amount might be between 800 Bil and 1000 Billion Euros.
This will need to be confirmed by the time.
Nevertheless, at the present level, DAX will face a technical correction from this overbought level. This correction may be in two phases before DAX get on track for the all time high perspective.
The first correction target may very much be 9382 a Fibo level as seen on the chart, and the second one after a little pull up to 9050-9000. This is a 10% correction before ECB's , the end of FED's tappering program and the new stimulus package.
The market will have to acknoledwege at least a correction if not the real shape of the European Economy which is not that bright.