As can be seen on the chart above, the German Dax Index is breaking down from the March 2009 rising trendline. The break below the trendline confirms that the triple zig-zag is finished and thereby ending wave [B] and the onset of wave [C] decline below the end of wave [A] at 3,594 longer term.
Short term the next important support to look for is near 5,612, which is the 61.8% correction of minor wave c. A break below 5,612 would accelerate the decline to 5,481and 5,382
The VDAX shows a classic throw-over and a quick return above the ending diagonal calling for a important bottom and a rally towards the channel-top.
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