$SPX - Chart Link- First off remember that data here is at least a week old, they don't share their Rydex bear stats in real time. Notice how all those other peaks in their bear funds occurred about 1 - 2 weeks AFTER the bottoms. Again in real time those peaks were at the bottoms but again it's offset like that because of the delay in reporting it. 

My observation here is that the bear funds as shown here have already spiked a lot, but remember this is showing data for at least a week ago or longer, and doesn't reflect the sell off rom last week where traders would have obviously piled more money into the bear funds, if you had current data it would likely be as high or higher than prior peaks. 

anyway wave counts on the market, we're waiting for this wave 3 to end, and we'll put in an eventual wave 4, which sad to say, won't be the bottom of this downtrend, as we'll still have wave 5 to go. However those reversion to mean systems should have an opportunity to get out on that wave 4 bounce

now....that's assuming nothing major breaks in the system as I discussed with bonds below, or Putin uses nukes etc