An Extreme Short Squeeze Is Underway in Sandisk Stock. How Much Higher Can Shares Go?

In the last several years, I've seen a close correlation between the performance of the Russell 2000 iShares ETF (IWM) and the returns of small-to-medium stocks. I consider Sandisk (SNDK), with a market capitalization of about $69 billion, to be in the upper segment of the medium category. And indeed, the recent, meteoric rise of SNDK has coincided with a major rally by the IWM. 

So, with the IWM showing signs of stalling for now amid multiple macro issues and SNDK stock having already soared 169% in the three months that ended on Jan. 23, I believe that SNDK's short squeeze is very likely to moderate significantly, if not cease altogether, at least in the short term.