Since the beginning of the year, the index lost almost 4.0% nonetheless, last week fell more than 1.5% and remains in a bearish phase since mid-June. Last week the German main index initially tried to rally but found enough resistance near the 50-week moving average to reverse and closed near the low of the week, in addition, managed to close below the previous week low, which suggests a strong bearish momentum. The stochastic is showing a strong bearish momentum and crossed below the 50 midline. In a Macro picture, the Index continues to develop a potential massive head and shoulders pattern, which is a strong bearish reversal pattern, however is still building up the right shoulder. A break below the 2018 low at 11,704 would confirm the above price pattern with a projected target at 9,849.0. Expecting an upward move to a 50 Fibonacci retracement at 12,454.8 (scenario 1) on a bounce from the 61.8 Fibonacci retracement at 12,277.6, however, a bounce from the 50 Fibonacci retracement at 12,454.8 may trigger another bearish move down to the 76.4 Fibonacci retracement at 12,058.4 (scenario 2).