EWG , German ETF

The DAX is close to having recouped all of its losses. For some reason this is not the case for quite a number of related indices such as the Euro Stox50 and EWG. Not sure why but may have to do with the composition and weightings used. Anyway, here is the EWG.


Clearly we are not even close to the 2007 highs, having regained just 61.8%. We wonder if this is a better reflection of reality. If so this market could soon be in trouble.