just look at this simple example...out of 10 guys over here, 8 says markets will come down and only 2 says markets will go up. ignore what one wants to.
Technically, when too many people think markets will go up or down, that is the time for reversal of the trend.
As per elliott wave, its a double zig-zag formation which has ended in oct'08 with a throw over.
Most of the markets are currently in bear market pull back rally(US, China,etc), while some are in Longterm Bull market(India, New Zealand,)
A good trader should respect the rally, and move along with it & not stand against it.