Nifty 50 Elliott wave Analysis

Nifty may have completed first cycle of wave V @ 15431 which was 1.618 Fib Retracement of the whole Down Move in Feb-Mar 2020.Generally Corrective waves retraces around 38.2-50% of the move.So I am expecting to retest 12400 which was earlier Nifty high.

This holds true till 15430 is not taken out otherwise it will be fifth wave extension and can go to 16400.