We are in the midst of a market where value is irrelevant as people only seek price . Forecasting in this type of market is near impossible . Reminds me of 1999 where 3 rolls of ethernet cable and a good spiel could conjure up a multi billion market cap on no revenue at all . I can really only go by technicals and even they are in extreme doubt with Central Banks making price discovery unlikely .
Previously when the 1 year moving average on VIX surpassed 20 the market (SPX) produced a swing high that was not exceeded for many years . we are now in that realm and with reduced conviction i feel a top will be made during 2021 that will last for 3 or 4 years . Central Banks are almost past the point on no return with money printing and with inflation seemingly on the horizon the fan meets the proverbial .
Anyway love the volatility and ultimately as a short term trader i dont really care where the market is in a year although the probability on my eyes is we are lower than it is today . Trade well out there , get a handle on volatility , best thing you can ever do .