The PPO of the equity only put/call ratio has reached an extreme level similar to May of 2010 and June of this year. Unfortunately other measures of sentiment have not. For example, investment advisors have remained complacent throughout this decline. It remains to be seen if they have changed their attitude this week.
Note also that a pattern of declining tops in the PPO is developing, which could be a long term accumulation pattern. It will probably take several weeks if not months to break through the downsloping trendline, but if and when it is broken, it could point to a T in the manner of Terry Laundry's work that would portend a rally of commensurate length once the decline is over.