If the chart is at all appropriate, we are at the back to mean phase from the last cycle!  That looks pretty clear to me anyway.

I've said it before and more than once, most people forget to actually read "anatomy of a bubble", especially ignoring the phases' descriptions: Smart Money - Institutional Investors, Public.
The chart is applicable when, and only when both the curve and the phases match.
So far, we're not even in "Institutional Investors".