It seems we are still in the primary wave 4 correction as there has just been a significant impulse wave failure. Wave 3 exceeded a 1:1 extension of wave (i) up and wave 3 met all its internal targets, however, the recent correction was not stopped before entering well into the wave (i) territory. This indicates that further correction is required, so what we might see is a truncated wave (v) top and another zig-zag correction into the 60s. It is a little early to set a target. If you are long and also under water now, you may want to consider exiting the trade on the next bounce for a small profit or at break-even as the coming dip will be similar in size to the previous zig-zag that wiped $10 off the price of crude.
I will come out with a new chart with targets in a week or so, when there is a bit more price action. I will mainly be looking for strong bearish divergence on the RSI when the wave (v) is forming below, level, or just above the wave (iii) peak and when the wave (v) sub-waves are complete.