DAX - take a brief before another dive

Here is we update our long-term view on DAX index and EU equities in general.

It would be better to place weekly charts as well, but you're experienced guys, you'll get it ;)

So, market last week has completed our minor weekly H&S pattern (you could see right at top of large monthly one) and hit XOP at 10200 area. This is also monthly oversold level and major 5/8 Fib support.

Taking in consideration previous pullback from monthly oversold and H&S pattern that now is forming on daily chart - we suggest 3/8 upside pullback somewhere to 11800 area.

After that downside action should continue and lead us right to the neckline of large H&S pattern, completion of the Head.

Retracment up should be over somewhere in March...