Veteran Technical Analyst Larry Williams Sees a Market Bottom in the Making, Jim Cramer Says

Williams views the advance/decline line as an indicator of the market's internal strength or weakness, according to Cramer.

He noted that that pattern – when an important indicator goes the opposite way of an index – is called a bullish divergence."According to Williams, this action in the advance/decline line is incredibly positive for the market. It tells you that, from the perspective of breadth, the worst of this decline may be behind us," Cramer said.

He noted that the on-balance volume index is a cumulative indicator that measures volume flow by adding the volume on up days and subtracting on down days. And because the on-balance volume line has held up despite the S&P reaching new lows, the chart is consistent with what Williams would expect to see in"a down market where some major money managers have finally just started buying stocks more aggressively," Cramer said.

So did Larry say it or Cramer?

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