Why the market panic may not be over

Mid-week market update: Is the worst of the Japanese risk-off episode over? The Nikkei formed a bullish harami pattern when it recovered on Tuesday, but the recovery candle formed an "inside day" compared to Monday's massive downdraft. As well, BOJ deputy governor Governor Shinichi Uchida calmed markets and struck a dovish tone when he said that the Bank would "refrain from hiking interest rates when the markets are unstable". 
While I am hopeful that the worse of the panic is over, I have some nagging doubts. Here's why.

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