it's going to go as far as it wants. 

what you want to look for is 5 clear waves up - wave 5's will have 5 waves. Unless price really rockets you might not see those 5 sub waves on  the daily QQQ from the 416.78 low, you should zoom to a smaller time frame, 15, 30, 60 min. Right not I can see 3 waves up. But, nothing is always straight forward, 5 waves could be 5 waves of wave 1 of 5. We'll see how this develops

One thing to point out, today's breadth is negative despite the big move in the SPX and QQQ, again that confirms this narrow breadth move by a handful of stocks taking up the market