In a Bare market below Envelope 1 only Impulsive bottoms can trigger a counter directional rally that would last multiple days and would achieve in excess of a 100 pips from the recent low.
The first, red bottom example managed to start a rally that had multiple legs (3), of which the first one performed 320+ pips in order to carry out a kiss goodbye move to the dashed line.
On a close up, this is what went down.
The next counter move came off of a yellow impulse bottom.
It had a clear, 5-wave looks with RSI2 only dipping below 12.5 at the end of Wave 2 and Wave 4.
The current complex bottom had a red impulse low that was itself an inside leg, but the trigger leg had 216 empty hours before it.
On the 4-Hour the RSI2 picture looks clean, but the pattern seems to be a broadening formation where the #2 low is lower than the trigger low and the #4 is lower still.
Bare Market Ladies
(with those two temporary changes the plot would appear)
The easiest market can be for you the hardest when you don’t know what the rules are.