"my guess is people are bailing because they are sick of waiting"
Sounds like exhaustion selling, which is exactly when things often turn around. DEFINITION of 'Exhaustion'
Exhaustion is a situation in which a majority of participants trading in the same asset are either long or short, leaving few investors to take the other side of the transaction when participants wish to close their positions. Exhaustion often signals the reversal of a current trend because it illustrates excess levels of supply or demand, indicating a market is either overbought or oversold.
Identifying Exhaustion
Traders can identify periods of exhaustion by looking at the Commitments of Traders Report. This report is published every week and shows levels of open interest in the futures markets. An excessively high number of long contracts could indicate that everybody who wishes to be long has already taken a position, leaving few investors to buy these assets back at a higher price.
Another way traders can identify periods of exhaustion is by looking at momentum and relative strength indicators. Momentum indicators provide traders with a trend line. When that trend line is over the average, it means the stock or asset could be oversold or overbought. When the trend line goes above or below an average, it means traders may be getting exhausted and a reversal is imminent.
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