The Dax is down 160 points as I write this, that is about 4%. Remember that one should, barring other information, always look for a 50-62% â€œcorrectionâ€ after a full up cycle. We double topped at about 8000, a dead give away that trouble was just over the horizon. Then we dropped pretty rapidly to 4000 or the 50% level. For the past 4 months or so we have been flirting with this level ( actually under one count pretty well the exact same time we spent in wave 2! ). All this is not to say that we have to do 62% (about 3000), but the possibility is very realistic and getting more so.