Recent: Trading channels: Goldman downgrades grains

with Jobs numbers friday maybe yes....they tooks us down to trap bears for a good jobs numbers.  
 
With tick so far down [we have not seen in weeks] its pretty much HINTING that we will see some sort of nice BOUNCE either THURS, or FRIDAY [on a good jobs nubmer] 
 
Tick does a good reading on very extremes of over bought or oversold. [chart below] 10/1/14

Historically, the R2K has this uncanny ability to bounce after EVEN 100 point declines..........here we are! 
 
Inevitably, its coming back to where it came from pre-QE.........around 590. 
 
Bonds, gold, silver have all wiped out their QE gains already. 10/1/14

Here is the tick chart again, which agrees with your daily chart. So this is hinting the 'maybe ' as in the next few days, a NICE bounce may be on the cards. Tick VERY VERY OVERSOLD HERE and normally does not like going lower under 250. 
 
http://cdn.socialtrade.com/comsys/imgs/fecfd_yMFokI_m.jpg

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10/1/14

I am out of my small shorts, and in the next few days hunt for a nice area to get my ass long. But maybe not till EOD thursday, - friday. We shall see. :-) 10/1/14

I have been trading the DOW and RUSSELL.  
 
But look at that channel [downsliding] on the Dow hourly chart. NICE!! 
 
http://cdn.socialtrade.com/comsys/imgs/dfe_DzxQVc_m.jpg

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10/1/14