Wave 3 means up

We appear to be in a wave 3. Direction is up. My concern is that valuations are high (average PE for SPX 500 is 17). When do valuations over-ride Elliot Wave? At some point valuations must be an upper constraint (resistance) to Elliot Wave. Anyone with at least 10 years of market trading experience, who can answer ... Thanks
Elliott WaveSPX (S&P 500 Index)valuation

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