German stocks about to drop 7%? (DAX 40)

Setup
Breakdown from horizontal range
Lowest weekly close since June
Breakdown below ‘green’ weekly trendline
RSI back at 35-40 support

Commentary
The DAX is sitting right on the support level of its long term range. The index could rally back into its range, offering reversal setups to go long, or it could continue to breakdown. Should it be the latter, projecting the height of the range lower would target 21500 - a demand area preceding the April rally.

Strategy
Option 2: Sell rebound towards 48,000 supply zone
Option 1: Sell the breakdown below 23,000