Cam has very elegantly written in a series of articles how the current market conditions do not indicate a market top, nor a bubble. For readers of this forum, here is an excellent article from UBS analyst with twitter handle Urban Carmel
He has summarized in one article pretty much the history of bear markets, and how to spot them as a warning to investors. I could not do a better job and so I have included the whole post. Much of what is written here, has been discussed by Cam over the last year or so.