DAX has formed a price channel (red) and rising megaphone (pink) on its move out of the 2009 low.
Between the 2009 low and mid-2012, DAX also put a triangle right shoulder on a big inverse H&S on the weekly and monthly charts.
DAX has failed to put in a melt-up set-up on the red price channel. It also failed to complete a head and shoulders top inside the pink rising megaphone.
That means its likely to consolidate here as it retraces the pink rising megaphone and likely retests the inverse H&S neckline or even (less likely) the gray megaphone VWAP.
DAX is a favorite to continue up out of this consolidation substantially higher. The green scenario (again, the favorite) would put both a Sornette melt-up set-up on the chart and a larger rising megaphone, suggesting roughly an 8000-point melt-up from the high before the retest of the inverse H&S neckline.