The FTSE 100 does look as it has topped for now and we should soon see a challenge of the support line from early March 2009.
The DAX also looks like it has topped or is very close to topping. Looking at the VDAX below it seems as the top is is place and pressure to the downside should build going into 2011. 
A Shoulder/Head/Shoulder top has been activated calling for further downside action in the short term. The S/H/S neck-line should stay intact or just be breached slightly before the break below 5,535 for a move closer to the 5,450 S/H/S target and ending wave 1 down.
The decline since the top is clearly the biggest and fastest we have seen a very long time. We still need more more decline the 6,026 bottom to have a 5 wave decline, which should ideally be followed by a three wave rally towards the 6,221 area adding confidence in the call for an important top. 
A Shoulder/Head/Shoulder top has been activated in the UK FTSE 100 Index. The ongoing decline should reach at least the 5,556 area, but this decline could be much deeper, as we could easily have seen the end of wave [B].
The German DAX index also have formed a Shoulder/Head/Shoulder top, but it hasn't been activated yet, but a break below 6,140 would activate it for a decline to at least the 5,966 area. Again this could be the start of something much bigger, as wave [B] could be done.
