German DAX - More Downside Potential From Here?

Germany's DAX index has broken down definitively from its 4-month symmetrical triangle pattern, hinting at a potential "measured move" decline toward the mid-16,000s next.

So far, the index has dropped sharply over the last 3 days to hit the 38.2% Fibonacci retracement of the rally off the November low near 17,250. A near-term bounce off this support level wouldn't be surprising, but as it stands, the index may have more near-term potential for downside from here.

-MW