Later on, I noticed the potential for a V-bottom and got 33 ticks. V-bottoms can be difficult to trade due to the fact that we don't get to see the stereotypical Wyckoffian reversal patterns (punches and counterpunches of bulls vs bears). It just stops and reverses.
V-bottoms can be
climactic with a single high volume bar. These usually occur after a 'waterfall pattern' - ie. a smooth,
accelerating downwards curve. These are great to trade when the price falls very quickly into a level you've identified earlier (like an imbalance or obvious volume profile node from the run up that preceded it). Quick in and out, aiming for 50% retrace of the fall.
V-bottoms can also be signalled when the momentum slows a bit and there's a
volatility contraction. See below. Its convex curve is different to the concave shape of the 'waterfall'. You can go long at the first green bar with buying volume. This type of V-bottom tends to continue up a long way with low volatility. Not always, but often. Hold until momentum peters out.
The first break upwards through the curved line didn't have any strength to it, so I went long at the arrow. In this particular case I exited early because the buying volume in the follow through was weak. Candlevolume chart shows this weakness, even as it moves up. A relief rally.