The DAX index has bounced off the Brexit lows but it is not at a new high. The high yesterday is the 4th consecutive lower top from the April high and this is true for most European markets except the FTSE. So the recent bounce hit the 20dma and we are seeing a sell off from there. This could simply mark the continuation of the previous downtrend. Once a 5 waves down on hourly charts is visible it would be the first confirmation of this thesis.