Keep in mind that $1.20 is a target price and not necessarily a market bottom. You never really know where the bottom will be until it starts to form. $1.20 is a previous support/resistance level for SIRI and therefore the market will most likely support there again, at least for a while.
Recently, I fixed a target price of $1.18 to $1.22 (gap support) for a different stock and then reasoned that the low price would actually be $0.97 to $1.00 since there would be a major trend line crossing at that point. The actual bottom turned out to be $0.85. I bought at $1.00 because, I believed that would be close to the actual low. Had I waited 2 or 3 days, I could have bought at a much better price. It's at $1.05 now so, I'm ok with the trade. However, this rally may end around $1.20 (where I will probably sell with overbought signals) and then we could see even lower lows for that market. So, that's an example of how difficult it can be to predict the lowest price. When the market does decide to turn around, it will be supported by high volume and usually some kind of price pattern that is typically found at the bottom of a market. So, it's way too early to call that for certain with SIRI.
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