Nifty opened a large gap down today. Immediately there was a sharp bounce which moved up nearly 32 points. However later this complete bounce was retraced (even exceeded by few points). Not sure whether this turns out as BOF or BPB. I will observe this and update later. But the point that I want to highlight or note here is that generally such bounces gets retraced completely. So instead of preparing for the counter trend move for the BO of the bounce, one is better off preparing for the re-test of the extreme at least once.
