„way harder“ means what exactly? 10%? 15%? because the market is already on a level that even burry would say it won’t go lower. you need an end year rally before beginning of 2023 it will go lower due to the recession. after q2 2023 the economic figures will be better, so the next rally will be there. it is actually quite easy to understand, right? people buying puts after such a decline in september/october are not the brightest tools.