You need to be very careful with the word "capitulation".

People hear that word and they think "it can't get worse".

They think that capitulation means it's the bear market low.

No. Completely false.

This is where we need to embrace nuance.

Bear markets typically end with capitulation... but not every capitulation produces a bear market bottom.

Capitulation can produce a low, but not necessarily THE low.

There's a difference.

Local lows ≠ the bottom.

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