a. the stock should in a clear up trend.
b. the stock should make new high.
c. width: 3-7 bars is good.
d. depth: how much the market gives up during the correction. In this case: (293.50 - 263) / 293.50 = 9.77%.
Less than 15% is shallow and greater than 15% is deep.
Retracement:
Outside day occurs during X's 4 day pullback and go long if the high is taken over
