NASDAQ at 2.786 fib (same as dot com top) - Rally or Correction?

Here is my latest for the NDX (log scale). I am not saying the NDX is not going higher, just that it is currently showing a very similar pattern as the dot com bubble. Note that both paused and consolidated at the 2.236 level and then had strong rallies to the 2.786 level. Now, the NDX is currently no where near the top of the channel set by the dot com bubble. It is currently holding just above the channel mid-line. From a "bubble" perspective the NDX actually looks fine in log scale with plenty of room to go up. The question is will the 2.786 fib extension be enough to cause a sizeable pull back to the 2.0 level or will it push even higher to the 3.0 level?

Good luck

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