Nifty Media Index Could Fall Another 25%

Nifty Media has failed to gain any meaningful traction over the last month and is now breaking down from its short-term bear flag . If prices are below their recent highs of 1,205 on an absolute basis, then we’d expect a retest of the lows near 971 and an eventual break to new lows that targets 830 over the coming 6-8 weeks. We’re not here to catch falling knives or be right about calling a top or bottom, we’re here to make money. And we do that by riding the strongest trends as long as they’re intact, which in this case it most certainly is.