DAX heading for at least a 10% correction as Nikkei collapses

Last week, as you surely know by now from updates here, the Nikkei 225 fell into correction territory, when it dived by 2,216 points on Friday. Well, it has crumbled by another 4000 or more points today and collapsed into a bear market. You were warned on that prospect last week. The CAC 40 had already fallen into a corrective markets, when dropping below 7,433 the other week. The Nasdaq 100 befell an identical fate last week too and so the prospect of the DAX following suit is surely live? Well, in order to do that the DAX will need to fall 10% from the 2024 record high, at 18,892. That corrective price point is therefore at 17,002. The index gap-opened lower on Friday, by some margin too and fell to a new interim low at 17,623. It later closed the week at 17,661, with a hefty loss of 421 points on the day. The next technical level of note from here on is the 200 day moving average. That was in place as of the close on Friday, at 17,399. Overnight the DAX futures have been well and truly whacked as the Nikkei slides more than 11%. The DAX futures are currently pricing the reopening at around 17,200 and hence likely to open below the 200 day moving average and the risk of 17k being put to the test today is surely a given now?