"The measure exhibits a significant amount of variation over time, and has been criticised as "not always accurate in signaling market tops or bottoms.".[2] One proposed reason for this time variation is that CAPE does not take into account prevailing risk free interest rates. A common debate is whether the inverse CAPE ratio should be further divided by the yield on 10 year Treasuries."

Gee...so I guess a high CAPE is no problem....we all know interest rates are low and cannot rise.
An Aristocrat told me this :)
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https://www.nytimes.com/2014/08/17/upshot/the-mystery-of-lofty-elevations.html?module=Search&mabReward=relbias%3Ar%2C%7B%222%22%3A%22RI%3A16%22%7D&abt=0002&abg=0&_r=0