Potential Bullish Butterfly in making in Nifty

NSE:NIFTY   Nifty 50 Index
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.
Comment: 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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.