When you talk about "endless selling", it is not possible in your "range-bound" situations. Sure it happened like the March, 2009, I can sense. However, for something like in 2008, how can we say the market is oversold or not? This is the issue. A lot of times when I see some people ( expert level, of course. You can always say they are not.) claim it is oversold, the market came indeed more down.
But, any way, thanks. I need to read more before I test the water.