CNX NIFTY : Seems like a Bearish Butterfly Pattern

NIFTY DAILY CHART

I  have spotted the Potential Bearish Butterfly Gartley pattern ( marked by XABCD points) on the daily chart of  CNX Nifty.

X is at 8626.95

A is at 7961.35

B is at 8445.60

C is at 8065.45 and
D is about to form[ in between 8899- 9070]

The AB  move retraced  in between 61.8% to 78.6% of XA move.

The BC  move retraced  in between  78.6% of AB move.

The CD  move extended in between 127- 1.618% of AB move.

Since this is a Reversal & Bearish Pattern, we  may see on the downside ,lower levels in the near term , in case index returned from point D 

• First Target is at Point X.
• Second Target is at Point B.
• Third Target  is at Point C.
• Stop is to be placed at Peak Point D.

This Pattern would be negated , in case prices closed above point D.