Black line- bearish RSI divergence
Green line -support trend line
DAX is trading around 14,735. Price has broken below the green support trend line and has started making lower lows and lower highs. We warned traders on time when we saw the bearish RSI divergence. Our early March analysis on DAX noted that a pull back towards 14,500-14,600 was highly probable. Price today made a low around 14.730. We are very close to our target. Price has retraced 50% of the last upward move from 13,786. Next support level is at 14,515. The RSI is still not in oversold levels. I expect more downside for DAX.