From one of Rob's explanations of the Capitulative Breadth Indicator, in a blog post:
...The basic indicator looks to measure the breadth of capitulation among a select group of large cap stocks. The idea is that once enough of these stocks meet my criteria, not only they--but the market as a whole--is extremely likely to reverse sharply.
The tool does an excellent job of alerting me to times when a strong bounce is likely. It only does an OK job of timing that bounce. In other words, the signals may be early.
For a list of all his postings on the subject of, and trading-system use of, the CBI, here's a link. They begin in 2008.
http://quantifiableedges.com/category/cbi/page/4/