An updated Power Index Method is presented for nonlinear differential equations (NLPDEs) with the aim of reducing them to solutions by algebraic equations. The Lie symmetry, translation invariance of independent variables, allows for traveling waves. In addition discrete symmetries, reflection, or 180 • rotation symmetry, are possible. The method tests whether certain hyperbolic or Jacobian elliptic functions are analytic solutions. The method consists of eight steps. The first six steps are quickly applied; conditions for algebraic equations are more complicated. A few exceptions to the Power Index Method are discussed. The method realizes an aim of Sophus Lie to find analytic solutions of nonlinear differential equations.