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I would consider buying after several days(3-4) of the index increase and I do not consider myself conservative!
It all depends on your aggressiveness, but even a single day or 2 increases might be a wrong signal. For example when the index started I waited one whole week of decreases before declaring - "I am ready to short Steem." (still no such option though anywhere, at least to my knowledge)

Thanks for the reply james-show