CCI (weekly chart)

The double top formation on the weekly chart was confirmed Friday with a close below 653.07.  The downside objective is ~ 580.87 with stops around 670.00.  The two peaks were formed with a bearish divergence in the RSI: new highs with slowing momentum.  You also had a bearish MACD crossover weeks ago.  These were the first warning signs of a possible correction.  I would expect a bounce in the next week considering how quickly we sold off.  I don't expect the recent highs to be taken out anytime soon.  I think we reach the downside double top ojective of 670.00.