It's always wrong if you take luck out of the equation. With DCA, the problem is all the cash you have sitting around NOT invested while in the process of executing the strategy is really just money that you are betting against the market with.
For example, maybe there will be a downturn for the next 2 months but what about the 7 months following that? They could all be green for all we know, and all that money would be sitting around being lost to inflation. Also consider this: on average, missing just the best 10 trading days of each year would cut your returns in half, historically. We have already had several huge single-day rallies even in this downturn, and people who divested for that period may have made their losses even worse by doing that.
