Potential Bullish Butterfly in making in Nifty

Dec 20, 2016

We have potential Bullish Butterfly (Blue color) in Nifty.
Expected reversal area around 8050 - 8070.

We have another setup of Bullish Cypher (Red) as well.
However for the fulfillment of Bullish Cypher condition Nifty has to move below 8000. I will cover that part if the condition gets satisfied.

Dec 23, 2016

Note

Although Nifty made a low around 7942 and reversed. However we will need to wait for the more confirmation of the Cypher pattern.
Ideal Cypher pattern will have CD leg as 0.786 retracement or 0.886 retracement which does not fall below 7950 level. I am taking some liberty here
if Nifty goes past 7915 we will have to consider failed setup of Bullish Cypher. Already Bullish Butterfly set up has failed.