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This Time Is Different?

|Includes:SPDR S&P 500 Trust ETF (SPY)

The question is prompted by a graph from

I have annotated the graph to make sure you see the pattern that causes me to ask the title question:

I have used orange for the last down trend line because it won't become red until (and if) it completes the journey to a PE near 8.

If the symmetry of the two previous cycles is repeated that would happen between 2020 and 2025.

But this time could be different.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: SPY