Seems most think we can't sustain this oversold state for long but I looked at it a different way. Anytime we have come from an extreme overbought to an extreme oversold in the stoch daily we have sustain long rallies with significant gains. Times when it touches both the bottom red line and then shoots up to the top redline. There have been other times when it it hits one or none and fizzles. But I have gone back to the beginning of 2017 and haven't found a time when we touched both that hasn't resulted in a substantial gain. Doesn't mean it will happen this time but I found it interesting. First chart so be gentle. :)
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Seems most think we can't sustain this overbought state for long but I looked at it a different way. Anytime we have come from an extreme ovesold to an extreme overbought in the stoch daily we have sustain long rallies with significant gains. Times when it touches both the bottom red line and then shoots up to the top redline. There have been other times when it it hits one or none and fizzles. But I have gone back to the beginning of 2017 and haven't found a time when we touched both that hasn't resulted in a substantial gain. Doesn't mean it will happen this time but I found it interesting