Market sentiment just plunged back into extreme fear territory following yesterday's brutal red candle.

Here's what's interesting though - ever since that last HPL signal fired (High Probability Low, for those keeping score), we've been holding these lows pretty stubbornly.

Now, anyone who's been watching previous HPL setups knows this: bottoms rarely give you that clean V-shaped bounce everyone dreams about. They're messy. They chop around. Sometimes they test your patience more than your stop-loss.

The formation we're seeing? Textbook messy bottom behavior.