While the U.S. equity indexes have bounced back towards their recent highs in what I see as a collection of bearish longer term patterns, some emerging markets look like healthier bulls to my eyes. India has been a less-than-stellar performer in recent years. It may be breaking out. It is moving above a multi-year trendline, and may have an inverse head-and-shoulders at its back. Below is the chart of EPI, an India ETF.