The weekly chart of the Dax shows no signs (yet) of exhaustion. The pullback on the preceeding high has been neutralized by buyers who bought the change of polarity. A litle hammer is in formation and suggests some potential follow through next week. I see no evidence yet of a trend reversal. The medium term trend is up until proven otherwise. In our case, only a break below 1950 would negate it. The RSI is still strong and shows no divergence of fatigue. I am therefore expecting another weekly high in the near future.
I am currently monitoring the EURUSD since the european currency showed some renewed strength lately. That could be one of the reasons not to be over optimistic on european equities, inclunding the DAX.