Yeah, waiting doesn't work all that well at a highly inflationary scenario.

Btw cost-averaging on the way down is also a nice supplementary strategy. Perhaps if one starts with a budget and leaves a portion unallocated, he can use the unallocated fund to buy serious or extreme dips. The investor following that route should have a spreadsheet automatically calculating the target prices as these will be changing all the time - and obviously he should be adjusting the market orders frequently...