Elliot Wave Application. Market possibly to Enter in Correction!

NSE:NIFTY   Nifty 50 Index
Looking at the Monthly Chart of NIFTY50, the 5 wave Motive wave pattern has completed its structure, with Wave 5 having reached the trend-based 1.618 Fib retracement level, which is typically the level up to which it proceeds. The market is expected to see a good Corrective move (ABC Pattern of any type), which could mark a recession period. This analysis is based on the fact that I've been hearing a lot that the market would see a correction. The application of this theory goes hand in hand with such statements. I don't expect NIFTY to head further up. In fact, the corrective wave in lower time frames of 1 hour to Daily TF seems to have already begun to play out. Do take a look and let me know what you think.

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