Potential Bullish Butterfly in making in Nifty

NSE:NIFTY   Nifty 50 Index
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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
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.
Hi Nirav,

Can you please target levels for the butterfly pattern and the cypher plz.
nirav5 all-in-one
Hi @all-in-one, We will have to wait for the confirmation of the reversal first. Based upon the reversal point (D) we can consider target 1 as 0.382(CD) and target 2 as 0.618(CD).
I will post here once the reversal is confirmed.
nirav5 all-in-one
@all-in-one, Hi, If we consider yesterday's low as the D point providing Nifty is not making any new low then Target 1 would be 8124 and target 2 would be 8160.
Thank you Nirav for the reply on my query.
nirav5 all-in-one
@all-in-one, Welcome.

Hello Nirav Just a doubt is NIFTY forming a bearish cypher pattern

X @ 8504
A @ 7916.4
B @ 8274.95
C -- yet to form maybe @ 7869 to 7768
D -- upmove of 0.786 XA etc

Please have a look at this view
nirav5 all-in-one
@all-in-one, It's possible. I am looking forward to it. As per good practice we should should not trade unless D point crosses B (8275), then only we can confirm that Cypher or other pattern is shaping up.
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