DAX update

Mrs Merkel spoke today in Berlin, did not say that much but upped the mood with solidarity etc. etc. The Greek prime minister weighed in with a personal guarantee that the Greeks will do what they have to . For the moment everybody is happy. Here is the DAX;

dax seot 27 2011 

This could all just be wave 4, or 2 depending on what degree we are looking at, but the action lately has been clear, it is a wedge (diagonal)  It should retrace to its base just under 6200. Then perhaps 50 to 62% of wave 3 from the start of July.