The selloff in the market in the last few days has not been that intense to indicate an extreme selloff condition, as shown by the Market Breadth Ratios. An extreme selloff offers an excellent buying opportunity, since all the sellers are done selling their positions and the probability of the market going down further is small. However this scenario has not happened.
More time spent with this low intensity kind of selling may create a market bottom.
We should wait for a change in general market conditions, before we undertake any meaningful buying of stocks.
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