About six weeks back, wavetimes anticpated that India’s Sensex index will dip to the low 13,000 and then rally again. This has materialized. (If you would like to refer back, please navigate from the top menu under Equities/Indices/Asian Indices/India). How far can the fifth wave go? The earliest target comes between 16045 and 16115. A clean brak past the latter level could potentially take the index up by another 1000 points. But there is currently no reason for us to be buying at these high levels. If anything I would strongly recommend taking profits near here and stay in cash until we get a move back to around 13,000 again. Take a look at the attached chart and let me have your thoughts.