The current MAP WAVE COUNT @ 15Apr12 H-5 of 4H-1 of D4 of W-2 of M-2
Unlike the US indices there is no apparent weekly pivot 1 to 4 that fits my MAP wave rules, and so it is highly likely that the DAX made monthly pivot -2 in April 2011 which would put us in monthly -3 and I do not expect his high to be seen again for a long time.
The detail count of the 2009 low is shown below, showing we are near the monthly uptrend on the assumption that the 2011 top is a monthly top (currently on latest monthly MLU).
It is however highly likely that the DAX has actually put in W-2 with the ALTERNATIVE MAP WAVE COUNT @ 15Apr12 of H-5 of 4H-1 of D-1 of W-3 of M-3. The reason that this is a likely count is that the possible pivot W-2 was made at near fork W345 WL3, which is where often a trend ends, as well a being beyond the current weekly MLU, as well as the current monthly MLU.
This is relatively unimportant as to trade on a weekly , or even daily pivot scale makes no sense unless your are investing on a multi year time scale!
The daily uptrend (bold purple fork) is still intact.
Where to from here? I would expect either 4H-1 to be made on the 4HMLL (lower blue bold rail)later this week. however it looks like there is an extension in H-5 so I would certainly expect 4H-1 no lower than the daily ML as shown below into the end of the month or early in May.