German DAX: Will slowdown drag the index?

DAX Hourly chart

German DAX is moving precisely in a rising channel formation which is a positive formation. Today in the opening session it tumble by over 1 % giving on the fear of German slowdown as it's PMI fell to it's 7 year low. 

Elliott Wave does not say that the top is formed. I have placed my wave counts in the above chart where I have marked the current rally as an impulse in which today wave iv was completed and in short time wave v will go up till 12600 or close to that.

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