Well, DAX undershot the blue TL which was a perfect world target, so to say. It reversed from close to the 10200 level. And although the decline was quite big, we cannot state for sure that it was an impulse, so we just have to let the market lead for the moment. An overlap of the presumed wave 1 in this structure at 9784 would basically seal the deal for the bears, but that is too far so we need to keep an eye out for the shorter time frames and the appearance of the waves. If this correction turns into 5 waves, then the next bounce would be a nice short.
Interesting is the fact that the DAX cycles at mcm turned down and started down impulses on all time frames. 10084 was where the dax started those impulses. So that level is significant. If bulls manage to get the price back above that, that last leg up will gain more weight.
Also an interesting read is the article on ES - it seems longer term cycles are starting to put in resistance there, so I would expect that DAX , by correlation, would also have a very difficult time to turn back up.
For any questions about the analysis at mcm, please feel free to contact me at email@example.com..