Yep, sounds like you may not have enough volume. Also, how far away you hold the gun from the bow's surface and how fast you move matters as well. Too fast, too far away, and/or without enough finish would cause an effect similar to several layers of overspray, getting more cloudy with each coat.
As you're spraying, it should look wet right behind the gun... but of course, not so much as to cause runs.
Even in the best of conditions, if you spray nothing but several coats of satin, it can sometimes look a wee bit cloudy... a wee bit mind you, not bad at all. I've done many bows this way and love how they look, and I'm particular about wood grain and dye jobs.
For an even clearer satin look, spray gloss then switch to satin for the last coat or two.