Today the DAX is trading at around 6800, up another 135 points, primarily as a result of the sale of parts of Deutsche Telekom to ATT for about $39 bln. (has had a pretty negative effect on S ) The DAX had the largest relative drop (apart from Japan) and therefore it may be the first to resolve if we go up or down from here. It would be perfectly normal for the DAX to rise another 200+ points in what might be a wave 4. However if it trades materially above 7100 the bear case is out of the window and we may be on the way to another new high. For the moment things are in limbo.