Sometimes a wave count will remain valid for a long time. This is the case with India’s Sensex. I had posted my wave count back on 4th January 2010. At that time, I suggested that we will see the development of a 5th wave that could take us to 18550. The high so far has been 18295. The internal counts of the fifth wave shows its own 5-wave pattern. Hence, we should be cautious about buying here. Indeed, one should look for opportunities to lock in some profits and stay on the sidelines while the next correction takes us down by 38% of the whole rally from 7697 to whatever is going to be the top.