Believe only what you see...
Anyone can see the rare vertical fall similar to,
Niagara Falls.
Many of indicators in HTF are in oversold zone for long time indicating unusual bear grip, those who observed early are making huge money.... Short term momentum indicator will reverse automatically, just follow the market and
see the real picture always from a distance to understand the market.
If someone is too fearful to trade due to volatility, just enjoy the scenery from outside. We will try to make the scenery more beautiful by shorting more & buying PE more whenever possible (breakdown of every supports).
Most people try to enjoy the bear market fall from outside like above, only a few can take the risk like George Soros.
It's not every day trader's game to book profits from shorts again and again in such vertical fall and short even more intraday(or buy intraday PE) using such profits. When market remains in oversold zone for maximum time, it gives the maximum opportunity to make money for prolong time.
In a bear market, only a few can make it big who enter early and have courage to retain their short until the market shows the reversal sign.
When market ends at days low and weeks low many people assume next day market will do a big gap up, missed the real opportunity to make money by catching the gap downs. Only a real bear market gives consecutive gap downs (like past few days) but very few traders can catch them bcoz they don't understand the market structure at all (when it is different in HTF).
Greed and Fear are the two main enemy which also create illusions in chart reading. People are mostly fearful than greedy. They missed more opportunities due to fear (they want more confirmation again and again) and book looses heavily due to fear of loosing too.
I always enjoy the CNBC how the create panic and greed to fuel the market momentum. Simply awesome.