If this is correct, then oil might forming second leg from the high of 49.08, possible retracement fibo levels will be 38.2% or 88.6% of AB. In this case, it seems like oil will retrace to level 88.6% which might bring oil to $40.30++
A B = 78.6% retracement of XA
B C might be formed if price is heading to 88.6% of AB, which is around $40.30++
Can try to enter SHORT near the black color downtrend line, and target profit level around $40.50++ - $40.30++