Having conducted hundreds of daily analyses (spreadsheets, not "eyeball analyses"), I can assure you that in a well-defined trend, what we often defined as "chop" is consolidation for the next leg of the trend. Crude oil this morning broke out of nothing like a bat out of hell and then commenced to chop quite badly. When a HOD/LOD is put in way more often than not it will be tested before a trend reversal occurs. And that's exactly what happened. "Think continuation" is what my mentor drilled into my head. Occasionally there's a V bottom or top, but that rarely occurs out of chop.