NIFTY short term trend remains down

NIFTY view based on Elliott waves.

From the ATH, NIFTY has made a 5 waves down impulse which could be first leg of correction (A/W) and seem to be retracing the down move. Retracement should be at least 38.2% which gives 21606 and 50% is at 21705. After that it should head down!