Looking back at recent market activity, we've been accustomed to "V" shaped bottoms since the bull market began in October 2022 – as "dip" buyers quickly surfaced on every decline.
But we're in a period of extreme uncertainty and volatility. And bottoms in uncertain times typically take the shape of the letter "W."
This plays out as a deep oversold situation (like we're seeing now), a relief rally, and then a lower low... ideally with less selling pressure.
If all of that happens over the next two to four months, which would likely require an about face on tariff policy, then we may see customary strength into year-end.
