Once over expect the DAX to resume its decline in an another wave that I am not sure if it will be wave C of a simple or a third wave part of a larger impulse wave down that would indicate a much larger correction that would last many weeks. We will keep the chart updated each time market action warrants it.
The bottom line is for now we don't want be on the DAX ( and actually for that matter, any other indices ).Let's watch the show from the sideline. It will tell us when to get back in.
For those interested, if we are right and the market will consolidated from here AND not make new high, that will give you a Head & Shoulder pattern which has the same implication as the pattern. At least another leg down in the horizon.
Obviously making new higher from here will negate that analysis but not our belief we are consolidating from current level.