The stock market has been plummeting in the past few weeks, but Wall Street experts say that the panic has not yet peaked.  Despite the damage that has already been done, experts warn that the sell-off will only continue.

While it may seem like traders have been starting to worry about the recent stock sell-off, one key indicator suggests they need to get even more nervous before the market can truly bottom out. That indicator is called the Arms Index (known as “TRIN” for short), and it compares advancing and declining stock issues and trading volume as an indicator of market sentiment. When the TRIN climbs above 2, that’s viewed as exceeding the threshold for indiscriminate selling. The TRIN has stayed below 2 this month, failing to surpass the threshold that Strategas considers a sign of indiscriminate selling. This indicator basically says that investors need to get even more panicked before the market can truly bottom out in a complete crash.

The TRIN is considered “snake oil” by some, according to Bloomberg.

If you listen to the mainstream media, it’s “too soon” to consider the market bearish, and no one should be panicking just yet.  Keep in mind, this was the same media that kept telling people that the economy is healthy and going strong when in reality, we’ve been living in a giant overinflated bubble ready to burst at any time. And others disagree with the mainstream media’s assessment.  Peter Schiff has called this a bear market for months now. Schiff also said that the American standard of living along with the United States dollar will take the biggest hit during this meltdown.

Last week’s stock market nosedive signaled that there is going to be a lot more pain ahead, culminating in a financial catastrophe if the growing economic bubble bursts, says Schiff, who is the CEO of Euro Pacific Capital, according to RT. Stocks have been in hot water over the last three weeks amid investors’ concerns about the U.S. budget deficit, growing interest rates, and the trade wars launched by the U.S. across the world.

So far, in October, the Dow tumbled over seven percent, the S&P is in correction territory down over 10 percent from its September record, while the Nasdaq has shed more than 12 percent.

The damage has only just begun too if you believe analysts such as Schiff.