In the current "Ask the Chartman" I briefly define what I mean by "oversold."  Look no further than the chart below, thoujgh, to see an illustration. 

Of course, "oversold" usually leads to some sort of bounce, however shortlived.  I think we're headed there, and yes, but I don't think it will amount to anything other than getting the bulls excited.  In the end, lower lows are probably coming.