Lowest in years OI PCR

The Open Interest based Put/Call ratio ended at its lowest reading in years, and that was supported by record buying/selling of call options. the decline in the market into expiration though is not huge given this reading. Does this mean we are oversold enough to be at a bottom? It is an important reflection of sentiment and all those longs in calls would have gone to zero yesterday. But sometimes the markets final bottom can come after a positive divergence. What we have to watch closely is the near term wave count for the potential of a trend reversal or failure of a bounce. The next two days we should get clues on this.