The 4 stages of a bull market

This article talks about the 4phases of a bull market.

Phase 1 (very beginning of bull rally) – market participants are still licking their past wounds and are content to keep doing so.

Phase 2 (early recognition of bull market) – market participants begin reading more about the markets and following developments more closely

Phase 3 (recognition of a bull market and belief in it) – market participants begin nibbling on stocks again.

Phase 4 (utter, complete and total confidence in the bull market) – market participants begin pushing all-in.

Where are we now? Phase 4, this article states.

But I am not so sure. I think the most is phase 3, as I have not witnessed the type of euphoria that occurred in 2007, and unlike 2007, the stock market is trading at reasonable PE.