Is the long-term play on EEM getting too crowded?

It seems like everyone is piling into the Emerging Markets story lately, especially with $EEM sitting at $65.64, up nicely on the day. While the macro narrative about diversification and growth potential is compelling, I'm starting to wonder if a significant portion of that future upside is already priced in. Are we perhaps seeing too much consensus forming around this trade, leaving it vulnerable to a deeper correction than anticipated if growth sputters or the dollar strengthens? Change my mind.