A simple trend and Fib level observation on Nifty Monthly Chart

I keep things very simple and earn money. It's an observation on the Nifty monthly chart of event based notable corrections since year 2000 using trendlines and Fib retracements. Every such rally comes back nearly to their point of breakout. Nifty is yet to retrace to pre covid highs whereas most global indices have already done so or have come pretty close.
We are currently at 2.618 extension and a retrace to pre-covid levels will be exactly 61.8% from last high. The upcoming elections might delay the process, but given the geopolitical situation, US debt crisis, US consumer credit defaults, housing crisis, sale of US treasuries by China and Japan, rising US bond yields, de-dollarisation, rising crude, current 85% short positions of FII, Indian company's growth in earnings due to increased profit margins instead of volumes etc etc....I will personally not be going long except for intraday and very short-term swings trades.