How quickly the mood of the public changes. Most people's conviction in the alt-season was almost absolute not so long ago, despite a 10-15% drawdown, everyone accepted it as part of the game. But now that many portfolios are down 45% or more, the mood has changed to a depressive one. If before 10 X was not enough, now they just dream of getting their money back. Everything is the same as always from year to year. People's psychology doesn't change. They will sag a little more and start selling, and then the bottom will come.