Depends.
How much of the tree did you take off already? How large do you want the new tree to be? Do you plan on bark grafting or on new growth later in the season?
I would cut it lower and graft on new growth. But I think I might have lost a tree that way.
My new approach is to go in sections, take a third of so down and graft on new growth from that leaving some of the canopy to feed the roots. Then when my grafts harden off, I take another section down getting the whole tree in 3 goes. It takes more time to finish the tree but the two trees I have done that way seemed fine with it.
See this video from Chris, her example looks like what you have now. So perhaps it is OK at that height but were it my tree, I will remove more.
https://www.youtube.com/watch?v=LyDpXouUAiU