This is what I observe as the issues: 1) day trading tax is an excuse but not positive for sure 2) virus resurgence in the past has been met with more stimulus BUT this time is diffferent because now with inflation picking up and economy recovering there is no more stimulus but instead people are talking about tapering, this is not good for tech especially with higher rates and Taiwan is tech heavy exposed 3) 2022 looks like peak of semi cycle , 4) hard to see more rerating if anything people trimming target multiples 5) people deeply in the money 6) reduced liquidity is also causing some de-rating
Stay safe, keep profit
