We may have dropped down the table. Quite a bit actually. But we're still safely in a mid-table berth, and in points terms at least, nearer to the play-off places than the relegation zone.
But there's a nasty pattern emerging, particularly away from home.
Only a few short weeks ago we were brushing aside anything put in front of us on our travels. Now, we can't hold onto a lead.
Twice in the space of a few days - at Palace and then Burnley on Saturday - we fought back from a goal down to lead 2-1, and ended up losing 3-2.
And the thing that is really worrying is that we are shipping goals. The Burnley defeat made it 13 in the last four away games. And it's not like we're without any injured defenders. This is our best line-up.
I think Watford fans always knew they had this sort of sequence waiting around the corner, and the amazing start to the season makes it harder to take. Our season so far has been one of extremes - third and then 13th, winning for fun then losing four out of five.
I still think we are very much a mid-table side, and that is not a lack of ambition. With the cost cutting and squad trimming we've been through, anything better than spending the season scrambling around at the foot of the table was going to be a bonus.
So, for now, no panic. We're at home this Saturday after all.
That's our home - where we've won twice in eight attempts.
Still not panicking though.