DAX40 PERF INDEX - DAX - Renko Analysis - 05/14/2015 (GMT)

The (median) Renko charts for the DAX30 CFD shows price being at an interesting juncture.

Context:
Price action broke through a previous falling trend line (break out at 11495)
The 20/50 EMA is bullish and we now expect a retracement

Current Conditions:
There is a bearish divergence which points to a correction to 11384.
Support/Resistance comes in 11495

Waiting for a bearish engulfing candlestick to form on the median renko chart after which a small position will be taken (feeler trade) with stops at the recent high targeting 11495
If price bounces off 11495 then we can expect to see a bounce back higher again, which will offer another short opportunity to target 11384
If EMA's are still bullish when price is at 11384, it would be ideal to go long.

For now, looking for short positions.