Go to any financial media site and you can read that European equities were up on Monday. A look at the chart shows a very different picture. Although it is surprising that the DAX did not fell further, the bullish rejection and the inside pinbar clearly indicate that the bears haven't still given up.
The Shanghai Composite is currently hovering around +-0% for the day. Another down day could lead to a sell off in the DAX. However, it Shanghai holds, we expect range day and some higher moves - not a lot though.