CNX NIFTY: Bearish AB= CD projection

Just Spotted the Potential Bearish AB=CD Pattern on CNX NIFTY DAILY CHART

The AB=CD is a pattern where each price leg is equal ( time wise/price wise) to the other.

Point A is at 8065.

Point B is at 9073

AB leg took approx 15 days to complete.

BC leg retraced 61.8% of AB Leg, which coincides with 50 day sma, which would hold index and may set-up a decent rally.

The final leg i.e CD leg of the pattern may see price rises from Point C to peak at point D. The CD move is going to be 161.8% of the BC move, this leg may take about 13- 15 days to complete.

Please note that Bugdet is also 17 days away from today, so it could be seen as budget rally.

Pattern would be negated in case index closes under point C.

For previous analysis , please click on the link below:

https://www.linkedin.com/pulse/article/seems-nifty-forming-bearish-butterfly-pattern-manurika-agarwal/edit?trk=pulse-edit-nav_art