DAX … CHART … putting things into perspective
As fundamentals are “out of favor” at the moment … here the chart perspective for the DAX:
Copyright by Tradestation
As you can see, the German DAX is in a weekly downtrend since the start of 2008.
I highlighted the following areas:
1. The start of the acceleration of the downtrend.
2. The attempt to accelerate “big time” to the downside, which failed 3 times (no follow up at all after the weekly closes BELOW the channel)
3. The exact retest of the channel in March 2009
4. “Today’s” situation … the 1st attempt to break out of the channel … verdict is still out
As you can see, we so far … despite the recent BULL RUN … only retraced a MINOR part of the DOWN RALLYE.
Remember … a WEAK market retraces up to 38%, a normal market between 50% and 62% and a strong market up to 77% or even more.
So far … we have a sharp FIRST corrective move … which should now start to lead us into a correction of this move. How far this correction of the correction will lead us, will determine, how far the “whole” corrective move might take us … to THEN decide, WHAT TYPE of market we are in.
RETRACEMENT LEVELS for the corrective move are:
4440 … Minimum 4250 … Normal 3900 … Maximum
All considered that we already have seen the high for this move by now (probable as market seems tired)
So don’t get overwhelmed by the “experts” … wait for the correction … it is not the time to invest into equities now 
Mai 12th, 2009 at 12:57
Oli …. I’m on the same time. In my opinion we already have seen first signs of a tired market, like you wrote in your comment. What we need : A confirmation …. Sometimes I can’t wait … Autsch