This is my view on Nifty 50 on monthly chart.

This is my view on Nifty 50 on monthly chart.
I feel we were in a long bullish run since 2000.
*with the burst of Dotcom bubble, a new bullish wave started.
*It had its first retracement in 2008 and then that to break the highs it took almost 5 years, but it was broken in 2013.
* There was bullish move till 2019 which was 1.6 extension level and market went sideways at that.
* Even with the panic of COVID pandemic, market fell just to retrace from perfect support level of 1 and then went above till 2.6 extension.
* Market was sideways for a year almost on 2.6 level after which a big bullish wave came up.
* Last leg of bullish move was full of grid and panic of buying, yet market toped at level of 4.2 extension.
* Now it might have completed first leg of correction till 3.6, but further downside till 16000 could come in Nifty which could be depth of correction on higher level.

This could be wrong, but still provide your views.