German DAX made a five-wave recovery from March lows and found a temporary top at 11240 level. We know that after a five-wave move, a temporary three-wave pullback may start developing. We already see a three-wave decline; however, price may still decline further into a wave C before, real bulls take over. Possible support can be at 10150 level, or lower at the 9670/9300 zone, where former gap, Fib. Ratios of 50.0 and 61.8, and the swing low of a former wave 2 sit. All can react as turning points for the price.
All being said, a recovery in five legs, and above the 10980 level would suggest a completed A-B-C move, and further upside.
German DAX, 4h