Gentlemen. We have a wonderful visually explanatory module built and shared by @sandeeprawat and I recommend anyone to install it.
This is what it shows today.
Inferences can be drawn. Basically, what I see is that even if we get a very set of good results, the PE ratio might decrease to 23.5 or so if at all as there might be laggards too… but more importantly, how many times have we seen such exuberance over the last 10 years… and what has followed. This very wonderful chart which auto updates would keep anyone sober and also give courage when it is the right time to invest from a pure Mr. Market perspective.