Germany’s DAX appears to have completed 5-waves from the triangle breakout in 2012.
Is a big turn happening now?
From the daily chart, we also see that prices are currently trading below its final support fan line. In the near term, the 11,167 support needs to hold or else look for a lot more weakness on the DAX.
Prices could easily fall to test its 200-day SMA as there are no firm support until 9,200-10,100 levels.
Longer term, we expect prices to retest the October 2014 lows of 8,354 if the 200-day SMA gives way. As long as prices remain below 11,920, the near term view remains down. (Read Report)
Source : CIMB Research