According to Morgan Stanley, the chart above shows the level of “capitulation” in the market. Notice the extreme level reached on/around January 23rd, when I wrote in this post.
The chart below shows the level of “value” in the market. Notice, that the capitulation (above) came before the “value” indicator (below) reached an oversold level, as it did at previous bear market lows.
And the following chart shows the typical structure of a bear market, right down to a helpful (if it’s correct) Here we are notation.