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Simply stall the duel until you can "gift" him Jam Breeding Machine with the "Surprise Present" skill and perform the union attack combo when you have 0 cards left. Relies on a bit of luck to get the jam breeding machine in the early turns, otherwise it can be difficult. Alternatively, you can use cards like Bee List Soldier with Worm Bait, or others that can help with draws to make it more consistent.
Here is the list of cards that will counter Pegasus Lvl 50. For the basic cards to be used stall turn and to get high score, see How to beat/farm Pegasus Lvl 40 page.
The Hunter with 7 Weapons
|Since all of Pegasus' monsters are only 1 monster type, the hunter will have 2000 attack, which is high enough to handle them.|
Possessed Dark Soul
|Mainly to counter his relinquished if he ever summons them. This won't destroy it so he can't use Michizure.|
|Pegasus has no normal monsters, so this is a good monster card against him.|
Last Day of Witch
|His only non spellcaster monster is Djinn, this can even destroy relinquished since it's not a trap card.|
Array of Revealing Light
|A good alternative to keep your monsters safe for a turn.|
|To counter relinquished,|
but not guaranteed since he can use Djinn to be unaffected by traps.
Ready for Intercepting
|Defensive card that will work on all of his monsters. Make sure to use it when relinquished is summoned instead of waiting until he activates the relinquished.|