Wave 1 Impulse wave
Wave 2 corrective wave : retracement is 50% -61.8% of wave 1
Wave 3 impulse wave : normally extend 168.1 x wave 1
Wave 4 corrective wave : usually 38.2% to 50.0% of wave 3
Wave 5 impulse wave : tend to be the same lenght as wave 1
Wave A containes 5 waves (intraday)
Wave B usually retrace 50% from wave A but not more than 75%
Wave C equals wave A
Wave C has to pass lows of wave A
Now lets look at the DAX chart
Wave 1-2-3-4-5 seems to follow the textbook standards ( Wave 5 equals Wave 1 in points )
Wave A contains a 5 wave decline (we are now in the 5th wave of Wave A)
If we set 8800 as a low of Wave A a retrace Wave B around 10600-11k
Wave C could end around 7800 and hit the bottom longterm .
Note the time factor is also important.
Looking at the wave decline ,its kind of going to fast.
BUT the decline we had in 2007-2008 was also rather steep and fast after a 5 wave bullrun