The Dax has been strong of late. It nearly retraced the entire drop that occurred on the infamous "flash crash" in early May. But as a result, unlike most main indices that I follow, it can't be counted as 5 waves down from its high. Its either a [i],[ii],(i), ii) or a leading diagonal (but it has a long way to drop to qulaify as a leading diagonal - for its 5th wave to be longer then its 3rd wave, it needs to take out 5445 -ish - currently it is at 5930). Here is the [i],[ii],(i),(ii) count on a 60 min chart:
This is what it looks like on the 15 min chart:
The main count suggests that we should start [3] of i of (iii) down soon, but as you can see, there is an alternative that makes the recent low merely a wave x in an on going wave (ii) correction which would likely take out the recent high at 6114. I've marked a head and shoulders pattern on the chart which has a target of about 6054. If it fails now, having broken above the neckline, that would probably be very bearish.
Finally, an even closer look on a 5 min chart:
