Based on what I see in that chart, your "EXTREMELY oversold" is a bit overstated. I would go for simply oversold. For day traders, your definition would be adequate I suppose. Extremely oversold would be when the oscillator has made somewhat closely spaced trips into that oversold area. As I am not going long anything right now, any quick spikes out of your oversold area will be opportunities for me to place additional shorts on the tech sector.
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