Sensex in 15 Year Bull Rally ? Elliot Wave

Breaking NewsElliott Wave International in a report released just a while ago said

Prices in India’s Sensex have just broken above a downtrend line, imitating a pattern from 2004 that led a strong rally

The Sensex rose in the past few days, on optimism U.S. plans to rid banks of toxic assets will help ease the credit crisis and revive global economic growth. This five-wave cycle will include three rallies, with each peak exceeding the previous one. The first wave started with gains between April 2003 and January 2008, Elliot Wave said, while the bear market in the past year marked the second.

According to the Graph Released by Elliott Wave – Click on it To Enlarge – Indian Sensex formed a similar pattern [breakout] as shown in 2004.
BSE Sensex Breakout by Elliott Wave in Latest Rally - Pattern Similar to 2004Detailed Analysis of the 2004 – Analog:
Sensex 2004 Analog Elliott Wave Chart
The Present Breakout Chart:
Sensex 2009 Breakout on Elliott Wave