Here is roughly the last 18 months of the Dow Dividend yield performers index exchange-traded fund (DVY). While there is no sign yet that the bear market is over, we do have clear enough indications that things are deeply oversold even on the standards of the bearish trend.
Here I have attempted to approximate the first-order standard deviations within the trend with red lines, second-order standard deviations (marking extreme overbought/oversold points) with violet, and the current extreme-oversold state as a presumed third-order deviation in yellow (its position assumes a local bottom here, but that's conjecture and really that can only be judged in retrospect - I placed a similar overbought yellow line above the channel for symmetry, but with no actual equivalent overbought data points its position is purely conjectural).
Here I have attempted to approximate the first-order standard deviations within the trend with red lines, second-order standard deviations (marking extreme overbought/oversold points) with violet, and the current extreme-oversold state as a presumed third-order deviation in yellow (its position assumes a local bottom here, but that's conjecture and really that can only be judged in retrospect - I placed a similar overbought yellow line above the channel for symmetry, but with no actual equivalent overbought data points its position is purely conjectural).
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