Man, my guitar looks freaking horrible right now! A million dips and holes in the surface, like during the first few coats

I wonder what I did wrong? Is 1500 grid too coarse to start? Have I just not added enough coats? I thought I was almost done, now I am back to square one.... Geez, I really don't know if I'll ever use tru oil again. Looks like I'm in for the long run now.