Exactly - smart money waits until directional extremes (bearish or bullish) exhaust itself. The beginning of any upswings/downswings should be confirmed through increasing volume (a by product of increasing sentiment either optimism/pessimism).
In this case, there are numerous scenarios that if all play out could bring the volume back to unhealthy levels on the upside - that's when smart money makes their move again.
If volume reaches near 50mill in FREE, 75mill in DRYS then that should be the sign of the end of Phase 2 which we have yet to start w1 + w2 + w3. We just completed -w6, -w7 (ps 1). DRYS had 9 increments.
This next phase could slightly run higher in price, if that trend remains intact ph3 should be expected (mid -to late Q1) which could run 40-50% higher than previous tops.