DAX retrace or consolidation?

Been watching the DAX the past few weeks, and it just feels like we're caught between two narratives right now. On one hand, you have the technicals screaming for a retrace after that solid run. We've seen some profit-taking, and the recent sideways action could be interpreted as distribution before a larger correction. But then, when you look at the broader macro, particularly with the ECB's somewhat dovish stance and inflation still a concern, it feels more like consolidation before another leg up. I'm really torn between these two views. Is this just healthy consolidation, or are we setting up for a deeper pull-back? I'm curious to hear where others are leaning.