Short term it is most likely we will get some sort of consolidation/pullback.
Some extended stocks likely to pullback. Some fade of strength short will work here. Look at stocks up 25% in month for possible fade candidates. Those trade might be very short term as those stock go in range. There might be some failed breakout.
If you are sitting in a very extended stock, tighten your stop. Use the strength to take profit.
Look for setups that are starting new move from longer consolidation for longs. There are lot of that kind of stocks setup currently. Money will rotate in to new sectors.
My judgement is still this is young bull market with lot more upside, but short term it is now extremely frothy and might shakeout lot of people.
As always as individual investor one has flexibility to get in and out quickly if the scenario does not work out.