State of complacency

I was checking out the market cycle chart (See link), it looks like SPY might have just reached the state of complacency, which is the lower high off the Euphoria state back in August. Of course the SPY can still keep going up.
It is just something to keep in mind.
If that's the case, it is quite interesting to see the entire market cycle in the year of 2020.

https://financialhorse.com/psychology-of-a-market-cycle-where-are-we-in-the-cycle/