McClellan Oscillator

Hi -  According to the McClellan Oscillator, the market is oversold.  Is it possible the market is not selling off because the market breadth is expanding?  How does this work? I have seen the market in a "frenzy" and stocks kept going up and the Oscillator did not matter .. do you think this is happening now?   Should we be watching market breadth or the oscillator ... or maybe you can help me with this thought process ... Thanks!