In the mean time there will be bounces and drops for short term weekly option trades.
It needs to have a parabolic move up, parabolic move down, parabolic move up, parabolic move down.
The middle of the M needs to be a deep drop, not shallow.
Small peaks and valleys may be in the legs up or down but generally you want it to be parabolic in all directions on all legs.
It can respect the high or fake it out.
The best recent example of an M pattern is gamestop. Go to the MN timeframe scroll back before the main move and you will have the exact pattern I am talking about.
It is a great pattern for long term investing because you can buy stocks super cheap with massive upside.