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 https://fat-pitch.blogspot.com/2018/05/when-innocuous-correction-is-start-of.html
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.
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Also see our past work on big picture macro analysis