Tuesday, September 27, 2011

CCI (Update)

Back on May 8th I wrote about a double top pattern being activated with a close below 635.07.  The objective of 580.87 was achieved on September 23rd.  It took 4 months to reach this point with alot of sideways action before the big breakdown.  This isn't surprising given the huge run-up in this index.  There was alot of bullish energy to shake off.  The question now is will we see a move back to recent highs OR is the commodity top already in at the April highs?