If you zoom out on the Nasdaq using a 13D chart, you'll see a clear 5 wave sequence having recently completed. This argument is bolstered by both wave 3 and wave 5 which are 1.618 extensions of wave 1. Wave 3 and Wave 5 are both [nearly] identical in length. Using this Wave count you'll also see a myriad of confluent fib levels, extensions, etc; but I'm trying to spare you a convoluted chart.
To me this says we are at a super cycle top and have completed Grand Super Cycle wave 1. At the Nasdaq's recent all time high, we cleared the 2.618 of wave 1 by less than 2%.
If you even remotely respect the Elliott Wave guidelines,, you know what this means. There really isn't a downside limit (well, the all time lows around 50 in 1974) and this likely means we are entering a years or decades long Wave 2 correction.