To me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level.
Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.