The word ‘oversold’ has been doing a lot of heavy lifting lately.

Oversold describes a condition not an obligation. In a downtrend it’s basically meaningless; a market can sit there for weeks while everyone waiting for the bounce slowly becomes exit liquidity for whoever sold the top.
Same logic applies on the way up. Overbought in an uptrend isn’t a signal, it’s just a description of momentum. The signal is when buyers stop showing up, and that happens on its own schedule.
Price doesn’t owe you a reaction just because an indicator hit a number.