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Before I start, I recommend you to read the following article:
Is Bank Nifty Forming An Ending Diagonal? (September 21, 2021)

Wherein you can find Elliott Wave projection on Bank Nifty daily timeframe’s chart. See below chart:

Has Bank Nifty concluded the 5th wave by making a high of 41829.6? Look at the below chart:

Bank Nifty price is trying to shift at the support trendline of mid-April to June.

• Has it created A (A B C correction) by making a low of 38426.65?
• Or is it the sub-wave (4) of wave 4?

Look at the below chart to find correction possibilities:

Nifty is forming corrective wave 4 of wave ((5))

Nifty has made a high at 18604 and started falling due to conclude of wave 3.

It has broken the base channel due to high selling pressure on Nifty.

The following terms confirm the nifty pullback.

• The common Fibonacci retracement of wave 4 is 38.2%. Nifty has entered the 38.2% retracement level. It seems like the reversal is ahead.
• Wave equality (A = C)
  Wave C is 100% of wave A and vice-versa. If nifty breaks the previous low, then it can reverse between 100% to 161.8% range.

The corrective wave can complete if it sustains in the channel trendline.