DAX collapsed from exactly 12940/950 to a couple of ticks above our buying opportunity at 12770/760. However only a small bounce from here and with yesterday's significantly negative price action the risks are to the downside today. A break below 12740 (just below the gap) is more negative targeting 12700/690 and 12665/655, perhaps as far as 12630. If we continue lower look for a test of last week's low at 12615/610.
Holding 12770/760 allows a recovery to 21815 (already hit) then resistance at 12840. Gains are likely to be limited but above here we could try shorts at 12880/885 12900. Further gains re-target 12940/950. If we break higher today look for 13000/010 and 13055/060, perhaps as far as 13115/125.