Wave (i)-(ii) always cuts bigger under bigger waves of 0-1 or 2-3. Seems for Nifty , it happened at 0.38 during initial wave 0-1. and at 0.5 for wave 2-3. Now for Wave 4-5, we need to see how big the retracement is for (i)-(ii).
Nifty has for the long-term started Wave 5. But in near-term expect deeper pull backs.