@parth-HyCIqg4DD agreed. Not saying that it's not the right measure. It was already high at 25. But still kept rising to 37 as you also mentioned. PE will work in long term. But for short term it's not as effective. IMO.
@parth-HyCIqg4DD don't know if PE is right measure when the world is flush with QE - cheap money. It won't last forever but for short term high PE won't stop the market from going up.