5 days 5 plunges and recover

Plunge,recover etc. Looks like a bearish open again as the Oex p/c ratio is even higher than yesterday @
5.5  and the spy P/C @ 2.82 these are very high numbers but do they mean anything.
History: We had high P/c in 2010 in 2011 and 2012 now and then.
Before that you have to go back to 10-30-2007 day before we tried a retest of the 2007 high.
They don't call a high but do appear near a high +/- 5 TD
The problem here is once you see this pattern and you paly it, will it work?
In 5 TD we have gone from 1472.12 to 1472.63 a gain of .51

My 144TDL didn't work so I don't know. I have a reaction day on the 18th