Since the beginning of the year, the index lost over 3.0% but last week ended flat with a minor loss of 0.12% and remains in a bearish phase since mid-June. Last week the German main index went back and forward without any clear direction but closed in the middle of the weekly range, in addition, managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control. The stochastic is showing a strong bearish momentum and crossed below the 50 midline. In a Macro picture, the Index seems to be developing a massive head and shoulders pattern, which is a strong bearish reversal pattern, however is still developing 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 key level at 12,948.0 (scenario 1) on a break above the 38.2 Fibonacci retracement at 12,632, however, a break below the previous week low at 12,376 may trigger another bearish move down to year-to-date low at 11,704.5 (scenario 2).