In a nutshell, within a time frame, you put an auto-bid on stocks that you believe are due for a correction. If you are right, you will make money between their low point and recovery point.
However, the risk is that the stock doesn’t correct, at least within the time frame you set your bid at, and you could take a wash because you are forced to buy a stock at a higher point than you wanted to pay.
A quote, often attributed to Keynes. "The market can often remain irrational longer than you can remain solvent".