Stowboat, you asked the question, the other day: On your "change of direction point" due April 15th, "Wouldn't a Dump be just a continuation of what we were having for the past couple of days?" My answer was: "Correct or it might be a Momentum Low".
It appears yesterday's "change of direction point" was on target and a low (one of the 5% that are lows), however what typically happens is: Once we hit the Momentum Low, we get a rally for a week or two, then the markets come back down to a lower low but the Momentum Oscillators come back to a higher low and we get a rising bottoms pattern, which is bullish.
As an example: In 2003, the Momentum bottomed on 2/13/03 but the price low didn't occur until 3/12/03, eighteen trading days later.
My next "change of direction point" is due May 21st, it may take that long for the markets to complete that cycle, before we get the real low, to come in.
After that, we should get a sustainable rally.
Jim
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