I've followed this thread on and off and just keep shaking my head at the change in narrative.
This whole "to and fro" started when you were quoting your EW charts and told people to sell in the $130's and low $140's and buy back later etc etc.
Of course your charts proved wrong and suddenly you were telling everyone to sell higher all the way to $160 because you did, although that was your last 500 shares on which you had to pay full CGT (and clearly if bought in the last 12 months was a lesser profit than most are talking about!)
(Interestingly, when I studied TA one of the main points was not trying to pick highs but waiting till they have been confirmed and if you followed this you would have waited until confirmation this current run is over and made a lot more on your sales!
Anyway, all of that is really not the point, which you don't seem to understand.
Long term holders by and large will position themselves to buy companies they consider good and hold through short term highs and the inevitable lows. Many will have held CBA from a very low level so gyrations in the market are irrelevant.
If CBA fell to $120 tomorrow it would not effect most except for a few deep sighs as most also know the market falls and will rise again. There is absolutely no gurantee you can buy back at a certain level like you suggest.
There is also plenty of times the whole market falls so unless you have sold all your shares pain is felt everywhere.
Little doubt CBA will at some stage fall back quite some distance and that generally won't concern LTH's either except it will give them the chance to top up if they have spare funds.
Of course, for those who leverage or trade it is a different matter and they will try and be clever and pick highs and lows which history has shown us the vast majority are unsuccessful at, but will have the occasional win (Such as clearly overbought stocks - CBA?)
It is also fanciful to suggest that it is retail driving these prices and doubt if many LTH's are loading up the truck at this level
Interestingly there has also been studies done which show Long Term Holding is one of the best ways to increase wealth.......but the market is made up of all sorts with everyone having their own philosophy and system, most battling the fundies who really drive these prices.
You, of course can do as you wish and I am sure you have made good money, but your lack of understanding of other ways to invest is telling.
BTW - I don't hold CBA, I was far too clever for that...................
(But that's another story)
(20min delay)