The Shiller CAPE ratio for Nov-2024 is at 37.5. Only twice since 1880 has this ratio been that high, in Dec-1998 and Jul-2021, indicating an overvalued market then as it does now.
From Dec-1998 to Aug-2000 the market gained another 25% and then by Oct-2002 it lost 43% from the Aug-2000 high, as measured by the monthly average of the S&P 500..
From Jul-2021 to Dec-2021 the market gained another 7% and then by Oct-2022 it had declined 20% from the Dec-2021 high.
As per the historic precedence the market could possibly gain another 20%, but caution is certainly advisable. The forward 10-year real annualized return is now estimated at only 4.7%.