Here’s what I keep saying. "If data that should look like fear is still being treated as just another repeating pattern or a buying opportunity, then how can we call this real fear?" "In the end, market participants still expect the same repeating patterns to play out again. As long as that expectation remains, people can keep speaking confidently in public." It might sound extreme, but even with the Fear & Greed Index this low, I don’t believe real fear has arrived yet. Yes, we could see short-term moves that create optimism. But many participants are still treating this as an opportunity, not fear. You can also see signs of leveraged capital trying to recover losses. This behavior is especially visible in Korean investor flows. I’ll share the data behind this view soon.(mignolet)