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Can we see market with P/E=15?

Short
Vietnam Index (HOSE:VNINDEX)  
mltb  
HOSE:VNINDEX   Vietnam Index
Fundamental Analysis Trend Analysis
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fundamental trendanalysis
3 years ago, when VNINDEX break 1200, media has a topic P/E=23 is still cheap => market crash
Now, with P/E = 18, media still has a research paper say: market is still cheap -> correction ~15% (-200 points).
So, what next?
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