In the past 20 years, a 3% daily move in South Korea's stock market KOSPI was considered a rare big event. But this year, everything has changed. KOSPI has already triggered circuit breakers 7 times, including one day where it opened with an 8% plunge, leading to a 20-minute trading halt. Now, daily moves of 10% are almost becoming routine. Market volatility is getting crazier, with massive leveraged positions getting liquidated during these wild swings. Retail investors haven’t really made much money. Historically, such extreme volatility usually appears at the peak of a bull market or the bottom of a bear market. Let’s see what happens this time.