I’m a commodity trader (mostly financial), so my experience is a little different, but I can say most common theme in my career to date is that when “wait for the dip to get long” narrative takes hold in a market, the dip never happens, the ship creeks from side to side, then rockets upwards violently.
Call sellers get confident. People short futures. Market breaks out and these folk get caught with their pants down and squeezed like hell, forced to buy, the “wait for the dip” capital piles on motivated by FOMO, and the algos pile on for momentum surges.
I’m not fully deployed here, but I’ve enough of my portfolio in markets currently regarded as overheated that if we do rip higher after a likely consolidation, I won’t have FOMO.