4% DD on NIFTY without even so much as a hourly pull back

• We are at a 4% continuous DD on NIFTY since the VIX signal to short a day before the the waterfall.
  
• Should one wait for a pull up before more downside or wait for a range to form?
  
• Really hard to answer, but a good positioning is on either side. Wait for hourly BBH to be breached or get in when the low gets broken.