WAY oversold. But what is oversold can remain oversold longer than most can remain solvent.
Weekly chart (below) showing the largest negative momentum ever, however, price has (so far) held a higher low, giving us a reverse divergence. Now, "the largest negative momentum ever" could mean one of two things; either it is capitulative in nature, or the phrase 'momentum precedes price' applies. Either way, a bounce is expected sooner rather than later and it should be quite strong. We won't know it the negative momentum is capitulative or the beginning of more selling to come until we see how the bounce plays out.
At the very least, I would wait until the faster time frame (65-min on the right, below) sets up a 3d criteria. Essentially looking for an extreme flush (bear trap) or a higher low (which could come in the form of an inverse H&S on the 65-min chart below) that then takes out the $555 level.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.