Elliott 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.
Detailed Analysis of the 2004 – Analog:
The Present Breakout Chart: