Or "dead cat bounce" if the price doesn't rebound much at all.
The trouble with the strategy you're describing is once you've entered a sharply defined dump phase, prices usually don't rebound very far after confidence, faith and expectations are shattered by the sharp downtrend.
It normally takes time for market confidence to be restored after a strong dump. Then its much easier to generate a strong upward pump.
In bear market, it will take months to see another dead cat bounces.
In this current bull market, dips are bought up strongly and healthy. They give opportunities to buy up the dips and enjoy bounces or hold to wait other higher records.