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To answer this question we have to define what mean reversion is. Mean reversions refers to the concept of prices moving back towards their average prices over time, meaning that there is a tendency for prices to consolidate around the mean. Usually prices fluctuate around the average, and how far they oscillate from it, depends greatly on the market volatility, where more volatile markets will tend to be further from the one standard deviation than less volatile markets. Taking this into consideration the buy low strategy takes advantage of this concept. When the market is oversold, it basically signifies that is trading below the mean level, which considering the mean reversion concept, it should be appropriate to buy. That's because in theory the market should consolidate again around the average price, this will generate a gradual return, as basically you will be buying a cheap market, and selling it again when it consolidates at a higher price. Geroge Soros refers to this concept as Positive Feedback in it's theory of reflexivity, explaining that market participants will push market so far from reality(mean) that there will be a point where they have to go back to their objective(real) value.
