Let me put up the supercycle wave counts for Crude Oil.
From here, you can see that Crude Oil has already completed it's 3rd wave and is nearing the end of an expanded correction. What this means is that the time to go long Crude Oil is nearing.
Note that Crude Oil doesn't have to stop exactly at $58.09 (end of wave 4 of 3) but it definitely have to end above $55.23 (end of wave 1). But given that the speed of the recent fall has been so fast (and far), $58.09 seems to be a better bet.
Happy trading :)