Is there stock market drop based on around SPX possible?

As we have all seen, the stock market has been on a steady rise for some time now, but I fear that we may be on the brink of a significant stock market drop.
SPX overvalued and risky while DAX outperforms

The SPX overvalued aka the S&P 500 appears to be overvalued according to this critical red line in the Fibonacci levels,