I placed orders on IYM, an ETF for basic materials. I'm betting it is close to the bottom. Fundamentally, it is fine but not great and RSI(14) is in the oversold territory.
From the Single Moving Average (for me, all the 20, 50 and 200 days have to be positive for recovery), basic material has not recovered. If we wait for that, we could miss the bottom (or close to it) prices.
For me, investing is a guessing game; the better the educated guess, the better chance it will materialize.