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Dreams swiftly become reality and for Walsall the truth is all too familiar.

The Saddlers, bound by their optimism at the start of the season, are now shackled by their frustrations.

Another Groundhog Day defeat – this time a 2-1 reverse to Exeter last night – leaves lofty hopes shredded and the stark truth resonating.

Just a point off the League One drop zone, in 17th spot, the Saddlers cast enviable glances upwards and worrying ones downwards.

The admission by both players and manager Dean Smith that – for the first time – they are in a relegation fight again is telling.

Previous talk had been about the play-offs but, with a third of the season gone, that unrealistic ambition has disappeared.

Momentum, euphoria and optimism have drained away as the Saddlers’ plight – one win in 10 games – becomes graver with every passing match.

Just staying in the division, while not exciting, has to be the main aim for a club surviving on scraps.

Success on cold, wet and drab nights will keep Walsall in League One – games like last night should be home bankers rather than another failure.

They should have taken a point, arguably three, against another struggling side who came to the Banks’s out of form and out of luck but left with, what they felt, was an outstanding result.

Exeter, who had failed to even score in six away outings, should have been lambs to the slaughter but the story to Walsall’s season is littered with ifs and buts.

They are yet to break, though – the backbone is made of sterner stuff – and the inner belief from within the corridors of the Banks’s remains.

Confidence is a fragile thing, hard to build and easily broken, but that self-belief is there despite failing to beat a mediocre Exeter side.

The Saddlers are competitive, just not clinical, as they demonstrated for long periods. Plenty of possession was rendered meaningless by an inability to wear Exeter down.

Alex Nicholls did breach their defence early to haul the hosts level after the shock of conceding and, along with Kevan Hurst, gave the Saddlers an outlet.

Nothing can be said about the 23-year-old which hasn’t already been said before, his lightening pace has always been tempered by his infuriating lack of final product.

But his unerring 11th-minute strike – to level Daniel Nardiello’s opener three minutes earlier – demonstrated the confidence born from three goals in four games.

Nicholls is set to make his 100th Walsall league start against Milton Keynes Dons on Saturday, a stark reminder he cannot be labelled as a young pretender any more.

The jury will remain out on the youth product until the end of the season. It is only fair to him but also because he is yet to consistently produce.

His goal sparked a raft of chances – for both teams – as David Noble smashed over before Hurst smacked a post.

The Walsall winger then drew a top stop from goalkeeper Artur Krysiak as the chances flowed and made a mockery of the teams’ previous goalscoring woes.

Jon Macken – back for Will Grigg after injury – forced Krysiak into a smart top after Scott Goldbourne’s error, while Jamie Paterson curled an effort wide.

The temptation to look long proved hard to resist for the Saddlers as their stream of chances dried up, despite Nicholls and Macken’s nuisance factor.

Rasping rain halted the game’s flow and Walsall struggled to find that early rhythm after the break.

But Macken came agonisingly close just before the hour, when his exquisite 18-yard effort cannoned off the post.

Exeter, drawing confidence from their improved away display, held firm as the Saddlers failed to find the final killer pass.

Frustratingly, the promise which began attacks evaporated when Walsall reached the Grecians’ area. The Saddlers switched to rabbit-in-headlights mode and, frankly, looked lost once they hit the final third.

It meant they lived dangerously and were punished when Nardiello, a Wolves academy product, fired in the winner 12 minutes from time.

Goalkeeper Jimmy Walker looked to have saved the striker’s angled drive but the ball looped off his glove and bounced into the net, despite the efforts of Andy Butler on the line.

Some expected a rousing finish, but what they got was a whimper with a little yelp. Deep into stoppage time, substitute Will Grigg rose unmarked to meet Darryl Westlake’s centre but planted his six-yard header wide.

With that the game was gone. The Saddlers have themselves to blame for their current mess and only they can solve it.

By Nick Mashiter