Head and Shoulders nearly complete. Wait for confirmation.

DAX is about to complete a very long term Head and Shoulders pattern on the Monthly chart, thus the neutral RSI = 51.621, ADX = 29.826. 1D is a Channel Down formation (RSI = 34.363, MACD = -73.300, Highs/Lows = -357.2500, B/BP = -455.2462), which if the 12,080 support from the previous Lower Low breaks, will hit 11,900. If it is rejected, then it will rebound to form a new Lower High near 12,400. We use this support as a break-out confirmation point (crossing = short with TP = 11,900, rejection = long with TP 12,355.