Equity Put Call Ratio spiked 5 times and remained above average for 28 trading days (or 38 calendar days) during the initial q1 2020 Covid sell off, Feb 24 to April 2nd.
Let the selling play out. Looks too early to turn bullish, but everyone appears to be rushing to the same side of the boat (and peering over the side saying that water looks cold and deep).
Exogenous events may generate one or more 3 sigma days