Well here's my view, albeit late, on the OP's predicament.
January 2020, with no greater insight than I thought markets may drop, I considered converting my entire pension pot into a rollover cash fund and sucking up the 1% AMC and the -0.5% fund performance ( and prevailing inflation) as I had only 4 years to NRA and to protect my 25% lump sum value, to some extent. This thinking did not have deep economic research etc.....it was just a view. I thought, that in the event of a correction ( unknown unknowns) I'd be disciplined and buy back in. I thought of maybe a 10% correction or more..... And also that a subsequent ARF would have a longer timeframe for overall appreciation
I didn't act...( Inertia)
I watched a 20% + fall in my pot value ( even allowing for its "balance and diversity") but consoled myself with my 4 year horizon. I've often thought of anyone who realized their lump sum around March last year....
So today, not only have the steep "losses" been reversed, but the pot has tagged on another 6% or so....
And I have another opportunity to do what I considered in Jan 2020..... and with only 3 years to NRA I have not made a decision on that yet..... This is part of the psychology involved.
I have not read back the thread but hope the OP sat tight...
My view in Jan 2020 and March 2021 is the same though, about markets. They're skittish and when a stampede starts diversification doesn't matter a jot... everything gets sold.
There's no point trying to identify the possible reasons for a stampede to sell.....or for that matter, a surge to buy..
Sometimes, when you need to protect your sanity you need to leave when the party is in full swing