Elliot Wave View: Nifty 50 Index looking for a Pullback?

A few days ago we shared our bearish stance on Nifty Index.If this count is correct, the post - March 2020 surge,which took Nifty 50 Index to new records, must be wave 5 of (iv).

According to Elliot wave principle, a three wave correction of the same degree follows impulse.

Corrections usually reach the support area of the impulse's fourth wave, so the fall for Nifty Index could be 38.2% drop i.e, 15233 level.

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