I think that is not the way to look at SIP at all. What if the market had plunged further after Aug 2004. And, you say it is not a bad thing to time the market at all!!! How appalling. If you knew how to time the markets then why choose a mutual fund. Be your own fund manager.
SIP is for people who want to reduce the risks inherent in the market, a plan that will smoothen out the ups and downs. Not for someone who can TIME the market, my dear friend!
