I’m reading Taleb’s Antifragile, and finding it fascinating. Here’s an extract from p101, which seems appropriate for current market conditions:
… when I became a trader, I was told a heuristic used by veterans, and only old seasoned veterans: when a market reaches a “new low,” that is, drops to a level not seen in a long time, there is “a lot of blood” to come, with people rushing to the exit. Some people unused to losing shekels will be experiencing a large loss and will incur distress. If such a low market level has not been seen in years, say two years, it will be called a “two-year low” and will cause more damage than a one-year low.