Well we’ve had our nice predictable bounce which I called last Tuesday. So now what? Well it appears to me that we’re about to head back to the bottom of the trading range. Unless we don’t. 
But seriously, we’re approaching pverbought territory on the Dow and NASDAQ, based on my stochastic indicator. We’re also at resistance levels on all the indices. The S&P 500 stalled 1,000 again today. The NASDAQ got stopped by the island top it completed on July 17th. And the Dow is at the top of its two month trading range. COmbine all of that with today’s flat market action and it appears that the market is losing steam. So unless we get some positive catalyst it makes sense that we reverse here and head toward the lower end of the trading range. Ugh.
Will a candle-confirming bounce off the trading range’s lower bound be a definitive buying signal?
Nothing’s ever definitive. It would be a buy signal, but I wouldn’t count on it going any further than the top of the range. It might, but as always have a stop somewhere nearby just in case. Some kind of oscillator might be a better signal given this trading range.