The Dax seems like it now may be undergoing the awaited market retracement

The Dax seems now like it is undergoing the awaited market retracement, in line with other global markets. At present, the German index is trading at around 16,496 and it is now clearly trading below the 20-day moving average (based on a daily timeframe). The next level of support for the index here is the 50-day MA, which currently reads 16,295. A break and close below the 50-day MA would then shift the focus to the support along the 100-day MA, which right now reads 15,774. It would be unreliable to point out any resistance areas at this time with the current short-term market sentiment. However, if there are signs of consolidation around current levels then the primary resistance here would be the 20-day moving average, which has switched from previous support to current resistance. Now reading 16,719. A break and close above the 20-day MA, in theory, would suggest that the index may rise to re-test its all-time high. But, it is difficult to predict at this moment in time. Looking at the technical indicators, the MACD is still strongly negative. Whereas the RSI is flat but it's slightly faltering.