Based on this chart we are currently in the complacency stage. The description fits quite well for the overall market sentiment. For months now we have heard about how we are in a much needed correction for the next great run up. Think of all the emotions that you experienced from the March crash to the May top. Many of us have felt the optimism, belief, thrill, euphoria, and now the complacency. Do not be a fool and fall for the "This Time Is Different" narrative. People will say this time is different because of "institutional investors, countries adoptoption, etc." Do not fall for it.