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.
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