Bullish Cypher Pattern is seen on daily charts of CNX Nifty

I have spotted the Potential Bullish Cypher pattern ( marked by XABCD points) on the daily chart of CNX Nifty.

X is at 8470.50

A is at 8913.45

B is at 8669.45

C is at 9119.20 and

D is at 8612

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The AB move retraced in between 50% to 61.8% of XA move.

The BC move extended in between 1.272 to 1.414 of AB move.

The CD move retraced 78.6% of XA move.

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Since this is a Reversal & Bullish Pattern, we may see on the upside ,higher levels in the near term.

Further 8630- 8600 would serve as strong support zone.

Stop is to be placed at trough Point D.

This Pattern would get negated , in case index closed below point D.