"I think this market still has some ways to go as there's a lot of people still sitting on the sideline."
Hummm lets see 87% bullish, lots of money on sidelines. So you conclude the 87% bullish are not long and are sitting on cash waiting for a pullback. Your logic is not sound.
You got this part right "True when the more people believe this is a new bull market the more likely the top is in,"
But if someone buys and takes a blood bath in a sharp market down thats there gig. I only post what I see coming.
Just like I did the 6 Mar about 1 hour before the market bottom. That by the way was based on EW, not my buy/sell PUDA.