Looking for advice on my family's (couple 31M and 28 F) investment portfolio

Current investments:

Mutual Funds: ₹46L invested, current value ₹53L

Savings Account: ₹38L (earning ~₹20k/month interest)

Gold: 100g (22K)

PF: ₹14L combined

Tax slab: 20%

I’m planning to invest ₹30L from the savings account into mutual funds but waiting for a market correction.

Would it be better to wait, invest gradually? Also, is my current asset allocation reasonable, and what changes would you suggest?