Based on the EWT count below, I am viewing 8/31-9/4 down series as an important tell for market direction as the July 12th wave seems to have ended on Friday, 8/28/09 or will end at market open on Monday, 8/31/09.

Preferred View

– 8/27-28 was a perfect hit low, into new highs at 1039~
– Smartp has the 8/31 to 9/4 time series as a down series
– Then 9/4 to 9/18 up series (intermediate 9/10-11 high, sideways into 9/13-9/14)
– 9/18-10/3 series is down

Alternate View

– Smartp has the 8/31 to 9/4 time series as a down series.
– Then 9/4 to 9/18 up series (intermediate 9/10-11 high, sideways into 9/13-9/14). If this holds the 975, C=4 low from 8/17/09, we could head to higher highs
– 9/18-10/3 series is a down series

“Chanakya″

(T&C Forums – Knowledge Contributor)