That said, I simply wanted to share this quote from Robert Rhea in The Story of the Averages (1934) which you can find at page 79 of the Elliott Wave Principle. I think it is summarizing very well the current market conditions.
Talking about the upward correction of 1930:
...many observers took it to be a bull market signal. I can remember having shorted stocks early in December 1929 after having completed a satisfactory short position in October. When the slow but steady advance of January and February carried above the previous high, I became panicky and covered at a considerable loss. [...] I forgot that the rally might normally be expected to retrace possibly 66 percent or more of the 1929 downstring. Nearly everyone was proclaiming a new bull market. Services were extremely bullish, and the upside volume was running than at the peak in 1929.