Not oversold at all in the long term. In fact, maybe still a little overbought.
Medium term is generally neutral. This latest seeming bifurcation point downward does not look good.
Short term is not oversold either.
The only thing that can give the bulls some hope is that the VIX still has to pass through a long term key resistance trendline. The yellow trendline connects to the 2008 high. The green trendline is only the peak from last year and this year.