If you theoretically bought the All ordinaries in 2007 at the last peak then in 2019 it finally came back to that peak. In other words it took 12 years to get your money back if you invested in an ETF that covers the market. But, and here's the big but, you would have picked up between 5 to 7% fully franked dividends during that whole time which is not a bad effort considering the ultra low interest rates we have right now.
To a correction or crash coming, I don't know. Our markets always crash with the DOW so if the DOW was to crash so would ours. But one thing to note, during presidential election years (like 2020) the DOW tends to outperform. Since 1928 there has been 28 presidential election years, during that time only 4 were ever negative and the last one was 2008. The odds are stacked in your favour for a positive year this year. But when the SHTF nothing will save you and all the statistics, charts, gurus, brokers, tea leaf readers in the world won't mean much, most of them got the GFC wrong.
I would say (and have done so myself) that if you are getting worried about the rise of the DOW and XAO then perhaps take a bit off the table and squirrel it away. You never go broke taking a profit. It is a bitter pill to take but at least you won't lose half your money overnight, good luck out there.