Well, this is one topic that is surely going to start a lot of debate around it. I think personally this is not a debate on levels of market but it is a question of what is right in the current market scenario; Technicals or Fundamentals.
The reason I say so is because on quick inspection, any good Technical Analyst will tell you that as of now the proximity of severe correction looks bleak. Look at the charts all around, things look conservatively bullish. I am basing my judgement based on US markets as they are the one's which seem to provide the major impetus of global swings. As of today, they look "fine". Yes the DOW has to break 10100 barrier but even if it does not, it does not mean that the markets will collapse.
The other point is being made by Fundamental Analyst who debate markets trading at higher earning multiples and being overvalued. They furthermore assert the fear of rising interests rate in future and tightening monetary policies. They also voice there concerns over Crude oil prices and relative fluctuations in the currency markets.
Well, all these factors play an important role in paving the future of the market. They have in the past and they will in the future. We need not be worried about these as the "price action" discounts all these apprehensions within itself. My personal call is that in coming months, it is better to "BE" with the market rather than anticipating its trend. By this I mean, having tight stop losses and not being too leveraged on the buy or sell side. Even when constructing a portfolio, its better to avoid being in high beta stocks. Don't change the style of your trading but also do not neglect the fact that keeping a close track on markets in the coming months is extremely critical.
P.S. Special thanks to the initiator of this thread. Such topics are extremely useful.