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commoncents33 says.

Actually, what the data says is that any time the market gets in this range of valuation, an enormous market crash follows within a short period of time. That is what the data/history says. Full stop.

I am not sure that our present overvaluation will, no matter how irrational, will lead to an enormous market crash".
'. Market Crashes happen because there is a bubble that needs to be popped. Bubbles only inflate as fear disappears. Bubbles do pop not because of overvaluation, and inflate only as fear disappears.

Markets are not rational, they are the result as human behavior.

Bubbles give care little about valuations, they only exist when fear disappears, and can not pop when they do not exist.

Over valuation can cause a correction but in absence of s bubble are not likely to lead to a crash.
This suggests the possibility that there are too many bears still standing to go to cash.

As long as there is insufficient fear, there is no reason that valuations cannot get more irrational.
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