When a stock is selling off or near all time lows it means people are fleeing the stock, nobody wants to buy it and that's usually for a good reason. You get suckered into the value trap and you think you're buying at all time lows and you'll 10x your money when it goes back to all time highs…
Then on the flip side when a stock is at or near all time highs (like the spy is right now), you convince yourself that it's due a correction any moment now as everyone will sell and book their profits at all time highs. That's when you'll buy in at the bottom of a 30% move or whatever number you have in mind.
It actually irritates me when I see people scared to buy a stock when it's at all time highs, a stock at all time highs is a reason to buy more, not to sell.
Lastly I just want to point out that really good stocks are usually always at all time highs so if you're waiting for a 30% dip you could be waiting literally years, all while missing out on continued upside movement. Even those who do successfully time the dip often miss the bottom anyway so it's a lost cause you're chasing ghosts.
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