The German DAX30 index is struggling to continue with the uptrend after its break below the support trend line. The failure to break above resistance could indicate a larger bearish correction.
DAX is either building a bullish wave C or wave 3 but both wave patterns could be completed. Another 2 weekly candles would probably confirm that the previous swing is over, although this is already becoming the most likely scenario at this moment.
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If price finished a wave 3 (purple from monthly chart), then the DAX is expected to build a wave 4 correction and one more bullish leg (wave 5). If price completed a wave C, then a larger bearish ABC could be taking place. Also, a larger reversal head and shoulders chart pattern seems to be taking place (purple boxes).
