I must not enter the stock market now

One month on, and the market has further strengthened. In fact, now, even the stocks on the Singapore Stock Exchange are on the verge of breaking out into up trends. What should I do? Buy? Never, ever do that now, because the risk is so much higher. Stocks are now trading on overbought stochastics/ top of uptrend channel. In fact, the higher the market goes, the more patient I must be, until profit-taking sinks in again. That is when I can consider re-entering. This is how much trouble I have subjected myself too for screwing up a trade.