Most likely , the current previous upmove was an X wave (instead of a simple B wave. ) The downward move should then be a continuation of the correction and the previous upmove taken as an X wave, occurring as an intervening wave(interruption) between two other corrective waves. In all liklehood we should have a double zigzag OR even a triple zigzag down, with the A wave of the double zigzag now progressing. Distinguishing between an X wave and a B wave in Elliott Wave Theory can be challenging as they both occur within corrective wave structures. However, wave B is ruled out as the upward move was substantial and expected.
NATURE OF DOWNWARD MOVE AFTER THE X WAVE
This can take many forms , the 1st day or two giving confirmation for the rest. However considering the initial impulsive move down , we can consider a STRONG larger impulsive move following.
What ever the case may be (whether the initial downward move is impulsive or corrective) , in all probability we should be in a CORRECTIVE MODE FOR SOME TIME.
NIFTY Opening On 24th May 2023