It’s that moment of supreme uncertainty. We do however know the question. Is this a regular sell-off, with the S&P500 nudging into bear market territory, but then steadying in the next few months before a gradual recovery? Or is this a true crash, akin to those of October 1929, October 1987, October 2008, or most recently March 2020, in which case we are less than halfway down the peak?