I would be careful using a broad index and it being very low...

I would be careful using a broad index and it being very low "historically" when making an investment decision on "buy now"

1) The lithium index in 2010 is far from what it is now
2) Industries over time can and do go bust. If you hypothetically had a index on video tape manufacturers, would now be a great time to invest as it would be at record lows?
3) Aside from the index, the broader space is looking horrible. War Russia vs Ukraine, Israel vs Iran & Palestine etc. An in general a really sluggish overall economy on the back of fat handouts globally to sit at home and not produce. Followed by a surge in inflation from that cash handout and less goods being available.

What's to follow IMO will be a recession that we havent seen in a very very long time (fingers crossed im wrong).

Things are looking mighty grim out there atm.

Buffets quote of "there is no such thing as a free lunch" being applied to the covid handouts, continues to stand the test of time.