Nifty 50 - a bullish and a very bearish count for Indian stocks

2 counts for the Nifty 50 index. The index seems to me to have moved up in a 5 wave pattern since June 2022. The question is, was that the 5th wave as suggested by the red count or was it just wave 1 of a much greater 5th wave that is only just beginning?
Wave Analysis

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