The market is gripped by fear. Volatility has surged. The VIX is now printing near 60, marking one of its highest levels in years. For many, this evokes memories of crisis. For others, it suggests that the market is approaching capitulation — not continuation.

According to historical precedent and structural signals, this is not the end of the move, but rather the setup that often creates the bottom. When volatility peaks and positioning clears, what follows is often a sharp reversal — driven by liquidity, not sentiment.