DAX is likely building a  S /H /S  top , with the left shoulder building from late October 2013 mid-march  2014 and the head building from mid-march 2014 to early August 2014 and since early August 2014 the right shoulder has been building. To active this top-formation a break below the neckline at 8900 is needed for a measured decline to 7800.

By Theodoros Batsoulis, Technical Analyst