The DAX decided to drop its right shoulder yesterday only to recover as expected. It does not change anything to our analysis suggesting that as long the index stays below its recent high at 13525 we strongly believe we are in for more weakness either in a corrective ZigZag or in a larger impulse wave down part of much larger correction. The jury is out but we do favor a corrective decline as the advance from last year low we would look better with one more down-up sequence but for now it's better to be safer than sorry.
