DAX - Initial take profit level is 200% retrace
I see DAX like this:
H1: In the time frame the direction is a bit clearer. As local top was not broken so downwards trend remained although the bullish dynamics (07/05/2015 and 08/05/2015) unsettled the market. Yesterday morning the price rose until 61.8% retrace level (08/05/2015 high and 12/05/2015 low) at 11,595 and then it turned off. DAX fell with powerful dynamics again. 161.8% retrace of 12/05/2015 bottom and 13/05/2015 top caught it strongly.
Rise: For the time being I do not think of upwards entries except on the small time frames. DAX may test back until correction levels of yesterday's falling .
Fall: the price may fall even further without consolidation or correction. Initial take profit level is 200% retrace (closes of 12/05/2015 bottom and 13/05/2015 top). If the bottom on 07/05/2015 breaks then we can expect further falling. Target price is in this case 161.8% and 200% retrace (closes of 07/05/2015 bottom and 07/05/2015 top).
https://4fxtrader.com/wp-content/uploads/2015/05/DAX_H1_0514-624x302.png