Tuesdays big drops resulted in what I warned for this morning - all 8 MA will fall Wednesday opening but DAX which is unclear right now. This is the first piece in a new down trend. It is seldom that the price will get above and hold a falling daily 8 MA. This curve is what you should follow now. Nothing else. There is a possibility that an index can drop below the 21 MA and even the stronger 34 MA which both are up but that over reacted trend will soon go back up to the 8 MA. What it also means is that the highs above the falling 8 MAS:s will not be visited any more.