Are markets turning super bullish, or it is just the volatility?

Nifty retraced 23.2% yesterday from the lows of 15600 high above 16900 as it completed 5 waves. Usually, in such a market we see 50 -60% pullback. However, today we are seeing a sharp bounce at the open. Not clear what this means. Is it that markets are super bullish hence the corrections are shallow? Or is it volatility, as we have a "War" going on and a big event (Fed meet) coming tomorrow. I believe it is later, but will let the markets give further clues. Till then trade light!