It ran out of downward pressure at about 3580, all the moving averages started turning upwards, the daily pivot started acting as support, it was just a question of waiting for a retracement and all the triggers to line up for a long entry. We now have a small retracement with this building to go possibly to the 4300 area, I am out now as this is most likely still just be a retracement on the downward move on the 4 hour and daily chart.
Below is the daily chart showing the fibonacci levels with the red cross on the cci 84 marking how oversold the dax was at 3580, buyers enterd the market in force.
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