A quick thought on the DAX. Notice that all movement in 2009 looks like a .B wave, it is an a-b-c in which the c and a legs are about vector equal. So if it looks like a duck , quacks like one etc maybe it is. We will keep an eye on this canary bird as it is a very good precursor of what awaits the market overall. Look also at EWN, the Dutch EFT back at the $10 level. For the moment all this means little as the wave can still develop further but lets not lose sight of it.
Note wave 1 could be one spot higher up. Waves 1 and 4 would both be about 5 months.