How Extreme Oversold Markets Can Be Profitable

The trading week was starting to look as though it was going to end without any excitement. Wow, did that ever change on Friday!
On Wednesday Aug 24th, the stock market sold off to a level which I consider to be an extreme oversold condition for the week. While I do have several criteria as to why and how I come to the conclusion, the chart and indicator below show me when the market is oversold and ready for a bounce.