Nifty P/E below 16 after a long time

As per NSE website, Nifty P/E is below 16 now after a long time. Last time it was below a P/E of 16 was on 12-Jun-2006, after the May 2006 Stocks meltdown. Before that Nifty P/E went below a P/E of 16 on 21-Nov-2005, after the October 2005 stocks carnage. Statistically, Nifty has remained below P/E of 16 for 38% of the time in the last 10 years (NSE provides data only upto 1-Jan-1999). So the odds are 3.8:6.2, i.e. if you buy nifty today, chances are that it will be above this level 62% of the time in the next ten years, provided the earnings do not go down. Let's see.