Look at it finer. A retrace of a retrace is still a retrace. To further the inquiry, what comes after a retrace? Not just one possibility.
I failed to be able to post an attachment with my original comment. This is the snagit I took of QQQ at that time. Since I do not use QQQ, I just took a snagit for a cycle of QQQ so I could review the "trading fractal" I would use to trade QQQ. I annotated the short slower fractal and show, within the slower fractal, the trading fractal turns. See black arrows on price which I transferred from volume measurements.
I referenced two fractals in my posts on QQQ. The slower fractal has dominant moves and non dominant moves. For me and my systems analysis I name non dominant moves as retraces. So on the faster trading fractal I am trading "retraces" on the slower fractal. In the illustration all "longs" are non dominat "retraces" of the slower fractal. Nodoji pointed out the prior swing point of the slower fractal and it was just below the "bottom" called by the OP. The OP may have been referencing any number of things in his opening statement. Who knows? For trading it is important to keep track of three nested fractals: The trading fractal and a slower and a faster fractal than the trading fractal. This means that within the fractal I trade I also can observe the 3 moves on the faster fractal than the trading fractal. To create a total system that can include all market theory (Which I named PEP for my use) you have to begin with the market granularity and build all slower fractals. Then, you consider the speed of your mind (mine is in the 10 to 100 millisecond range as the speed denominator; an element is in the numerator). This factor ends the chase for all things related to having timing limitations such as those encountered by Quants, etc. for making money by taking the full offer of the market, you are home free on the fractal you choose based upon your mind's speed (an event speed determination). Granularity dictates the mathematics of the market as shown above. This means that you can do analysis quite simply and you can ID potential traders (trader mining) equally simply. If a person is not going to use binary vector maths, he is going to extract less than the whole offer of the markets. The only reason I posted in this thread was because of the mistakes being made by contributors. If you are in a short trend (you choose the fractal), then do not call a bottom. All I said was: this instrument (QQQ) has a dominant character and it is failing to breakout of that dominant character; therefore, don't call a bottom. Trading is a left/right proposition and, therefore, it is NOT an up/down proposition. Try assigning "up" or "down" to a Right Trend Line (RTL); you can't do it in a rule set.
I notice you annotate every inside and outside bar in the chart. What are the rules on volume when applied to these inside and outside bar breakouts ?