Overbought tech stocks can retrace NASDAQ up to this level. However, securities like FB, AMZN will be a great buy before their mammoth earning this quarter. So, if we get a predictable retracement like this, these securities will be a great buy.
I expect it to head down further. More likely the 61.8% retracement near the pre-COVID Feb High. I can't see how anyone could argue the economy is stronger now than pre-COVID, and the market is likely to reflect it.