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Dax in retrace rather than heading for new all time highs?

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Similarly to the Nikkei the Dax seems to be in a retrace move rather than following the Yanks into fresh all time highs.  The Weekly chart also shows similarities with the Nikkei in that a Wave 5 top seems to be already in with a large scale retrace (1-2 purple) done and next level retrace (1-2 Pink) in play.  Note also the breakout down from the long term tramline support followed by unsuccessful retest, we are now approach a fresh retest which looks to be coinciding with a resistance zone.


On the Daily the current retrace can be seen in more detail with a clear A-B-C form in progress (now in final wave 5 of wave C).  Neg Mom Div is building and RSI/Stochastic also heading into over bought territory.  Note that there is an upper Triangle line (I have not yet drawn the lower line) with good touches that intersects with the weekly tramline after 18 Sept.  [it must be noted that PRT does not accurately map the lines from higher time frame charts - extremely irritatingly] so the actual intersection could be higher and later around the 11,080, or more likely at the Fib 88% level of 11,125).  Again hopefully the lower time frame charts will help hone in on this as we approach the back end of the month.


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