When I wrote about the VWO last July, my Twitter buddy @kaushikgala mentioned that the set-up looked like it might apply to the Indian stock market as well. I only follow the INP, so I looked at it, and sure enough, it was more or less the same thing ... I thought it might run as high as $72-$74 before reversing.

The target for INP is around $51 which is a little more than 15% down from here (around 27% from a perfectly timed short entry in September). It has been going down in a straight line recently, but I'd expect it to back and fill its way down to $51 over many months ... it takes time to reach targets taken from the weekly charts.