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DAX at risk of a major double top above 17k now ?

Well, that earlier record high on the DAX earlier this afternoon has now given way to fresh downside ahead of the US stock market opening in a couple of minutes. As noted here earlier, the DAX reached a new all time high, when it just surpassed the previous record at 17,003. The high seen earlier was set at 17,004. So, perhaps it is a little early yet to cast judgement on this, but at the same time it would be remiss of me, not to make the observation. That is now the prospect of a double top being set in place on the DAX on the daily (and potentially the weekly) charts just above 17k. However, in order to confirm such, the index will have to clear further away to the downside side where it is right now.  That means an immediate fall to below 16,821, where we have an interim base in place from yesterday, but more importantly some way lower than that. That will require a fall to below 16,345, which was the low following the previous all time high at 17,003. Of course that is a long way south of where we are right now, currently trading at 16,955. Food for thought though? 

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