I think it makes sense to say that "new investors are in trouble". Look at the surge in the number of accounts opened every day, and a considerable proportion of them are small and medium-sized retail investors. What are they doing here? I bought stocks and waited to make money. "New investors are not brainless", yes, but what percentage of new investors have brains, staring at the ever-changing disk in the retail lobby all day, and how many rationality exists? Such a large daily turnover shows that the chips are unstable and the daily sales volume is large, but there are huge orders that have not caused a decline. Although there are funds issued, it is impossible to form such a large turnover. It can be seen that there are still many retail investors taking orders at a high level. Once the market falls, the losses are predictable.

As for what you said, the market should fall by more than 30% in proportion, then the decline of individual stocks will not stop there, it will be an intermediate adjustment, and the current environment does not support such a big decline.