SAP has been in a trading range after a Buying Climax (BC) in May 2017. It looks like a Wyckoff Distribution is taking place. There is increased volatility and volume on the declines and low volume on the up moves. The declines has been larger and quicker than any of the declines in the uptrend leading to the BC . Increase volume is seen mostly at the top of the trading range. We could already be in the mark down in Phase D but will have to see how the range develops further. If this is Phase D we should see the start of the mark down soon.
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Markdown has started. We can see a lot more downside.