Has the German DAX completed a megaphone top? Possibly. Yesterday it tested the upper megaphone trend line, and has turned lower. It could take another stab at the line, but that is not required. Two other factors suggesting that a turn lower is imminent are the fractal nature of the DAX's behaviour since the 2007 top, and the proximity of the market to the trend line drawn from the 2011 highs. Hopefully I don't need to spell out the implications for global stock markets if the DAX is putting in a top here or hereabouts, given that Europe's troubles are the financial world's current focus, and the DAX is Europe's bellwether stock index. Use your imagination.