If that was leg one of a new wave it was hella weak. Where are all the buyers at? Waiting or shorting.
The Eye of Sauron looks down upon us and forces us into the nether worlds of the 200 zone. When we reach that level buyers will rush like mad at those prices. then we get exhausted, but people saw what happened on the first leg and they want in on the party and so we get another drive, etc, etc. It's quite simple. But there are rules to these streets. One cannot simply call an irregular retracement a new rally when it is no such thing at all.