Right now, I would say no more than 20%, even if it was a local high, the first retrenchment will probably bought with "vengeance". I think we still have to wait for a real extreme in the P/C ratio (it is not even as low as it was on 1/6 and much higher than other turn dates like 8/22), the VIX must turn for real, and the Naz must show internal deterioration.
Zeev