Update of DAX analysis: the long-legged candle developed today suggests the potential start of a reaction around the 11800 level. This may be just a short term reaction or, possibly, the end of the corrective fase of the last weeks that we called wave 4. We do not know this yet. Nevertheless, the shape of this candle was sufficiently indicative of the attempt to fight the bears strike that I opened a long 50% position on the DAX at the end of the session today. My initial stop loss is at 10800.