What is McClellan Oscillator saying about the major averages?

Although I have a bearish view on the major global stock market indices from a longer term cyclical perspective (see older post) and growing bearish momentum in the beginning of 2016 may well be a starting point, the McClellan oscillator, historically during a deeper market correct when oversold (below -80) has price resume an upward rally. Seeing this in the American markets may be a sign of some possibly temporary buying relief. Nonetheless price cyclicity will lead the way in informing a more pronounced down trend/bear market as some other major indices.

Seen too in NAS100 and DIA a relief rally may ensue.

NAS100


DIA