Right now, it looks as if the recent drop is forming Points 21-22 in the Three Peaks Domed House pattern I’ve been tracking. If that is the case, I would expect the NDX make a slight new high before the correction begins.
That said, the Three Peaks Domed House pattern is famous for deviations from the idealized form. Thus, I would not be hugely surprised if the domed house has already topped out.
Typically, after the domed house tops out, the market falls all the way back to the Point 10 low. In this case, that means the NDX would fall to 4647, constituting a ~10% correction.
This is a very strong prospective instance of TPDH (it fits the pattern’s criteria just as well as the one the Dow completed during 2014-15.).