Update

The bulls have failed as expected. The move looks like an impulse now on the DAX and SP500. After an impulse the next move should be only corrective and make a lower high.
Today is FOMC which usually marks a top/bottom. The charts and indicators look good for a short term bottom

I have forgotten about the comparison with August-October 2007.... It moves the same way so far - sharp and short living 10% correction, sharp rally higher with marginal new high, first drop lower... if it continue to mirror this move next is deep retracement - perfect opportunity to get rid of longs and go short. The charts are pointing to exactly this scenario so far.

This looks like an impulse to me.... a little bit up and down before FOMC for a short term bottom.

We should see a short term bottom around 38,2% and rally to the resistance area.