An old Wall Street saying has it that they don’t “ring a bell” at market bottoms.

Thinking that panic selling signals a low ?
Consider the Crash of 1987, which is the granddaddy of selling panics in U.S. stock market history. On that day, Oct. 19, the Dow dropped 22.6%. And even though the Dow bounced back impressively over the two trading sessions following that Crash — gaining 5.9% on Oct. 20 and another 10.1% on Oct. 21 — the stock market’s post-Crash low wasn’t registered until Dec. 4, more than six weeks later.
Chances are that the final low of the decline we’re experiencing will not be recognized as such until well after the fact.