There is a funny thing about sentiment. You don't want to be part of the majority. So it is natural when traders point to put call ratios and ISEE numbers and declare "Sentiment is not right for a top" - i.e. "Everybody else is bearish, so I am not" syndrome.
Top or not, I think a significant correction is at hand..................
Europe has been a lot stronger market than the US, so I would look there to start.
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Eagletrader, how do you define a "significant correction"? 2%, 5% 10%, 12%? Do you have specific numerical targets for the various global indices?