Valuation is subjective. It can be argued that it's overvalued, undervalued, or fairly valued. As a trader, I don't care about valuation, but rather which direction is the market likely to go next, what is the potential reward from trading a long or short position based on my indicators, and what is the risk if my indicators are incorrect. Look at the risk of a trade or an investment, i.e. how much can you lose if it moves against you, and what is the opportunity cost by not using your capital for a different trade.
If yes, by what measure?
