SPY final peak (uninterupted by VIX spiking above KC40) - 5/12/08
VIX crosses KC40 - 9/15/08 SPY down 10%/20%
VIX peak ends where you mark it as "Market Bottom" - 10/27/08 SPY down 40%
Market bottom #1 actually occurs 11/17/08 SPY down 50%.
But this isn't the actual bottom. The dead cat bounce retraces the SPY almost 20% before crashing again.
VIX peaks again at 1/19/09 SPY down to 44%
VIX has a smaller peak at 3/02/09
SPY finally bottoms down 53% off of the 5/12/08 peak.
CCI indeed falls AFTER the 3/02 bottom, but it also fell during the dead cat bounce.
Don't take it personally, but this is a weekly indicator that is off by weeks. I don't see an indicator here for the market bottom, and it probably would have scared the Bejeezus out o me during that dead cat bounce.