At the time of writing this piece, the Sensex stands at 20,687. From as early as mid-October 2007 to November 2007, we have been warning in MoneyLIFE that a temporary peak in the indices had been reached and that investors should be bracing for a major correction. We had suggested a downside target of 17,000-17,500. This warning had been tempered with the reassurance that the primary...