you predicted a top in october of 2013 as well http://www.elitetrader.com/et/index...ing-of-collapse-80.278467/page-6#post-3880503 permabears will never learn
Old adage still stands - buy low, sell high. Whenever price is high look for price weakening and vice versa. Risk to reward is more than appropriate, even if one gets stopped out a few times. Now is one of those situations. Smart money isn't going to keep on accumulating at these levels.
Your chart suggests now is similar to 1997. The index rallied up heavily after that point. There is a lesson there for you. I think it's funny you posted a chart that suggests the exact opposite of what you are trying to defend. I can think of more fundamental reasons for a correction, but the technical's aren't helping you here.
Nobody is perfect mate, here is yours from 2010..."Markets will not double but the long bias may be decent over the next 9 months, especially in commodity based stocks."
The market fundamentals are looking like a bubble to me... High CAPE - Check! Shiller Cyclically Adjusted PE Ratio (CAPE) is 60% above the long-term average. Record IPO's - Check! 2014 is setting IPO records globally Record Stock Buybacks - Check! S&P 500 companies spend almost all profits on buybacks. Corporate Profits Vs. Labor Share Out of Whack - Check! Corporate profits vs labor share are at historical extremes.