I start with my previous chart and expectations dated 28 November 2014:

Today we have following situation:

To be honest, the temporarily support on the ascending blue trendline was very temporarily which shows that the downforce is big. Now the support has to come from the horizontal line based on the bottom of December 2005. I will watch any bottom forming very closely between 115 and 110cts. Because after this a strong rally should occur as the EUR/USd is in a zigzag correction phase after the high in July 2008. Reverting!

The previous blue candle indicates the decline of the DAX last week. A decline of about 5%.  Looking at the chart I see this decline fits within the counting of a five wave impulse upwards that started in October this year. If this counting is valuable, wave IV has been set now. This would mean that another last wave counted as V should have started this Monday morning. I see that, on a week closing basis, the DAX found support on the green line going over the tops set in June and September this year. I think this support is of bigger importance. When this support fails coming weeks and the level of the top of wave I (9460) is touched, a longer term top has been set already. But if the wave V of 5 has yet to come, the end year rally may continue as from today up to 10300-10500 range.