Technically it's possible ($8-10), but not in that cycle. Probably more later in future. We'll see.
If that price range ($8-10) stay longtime, then Arabian countries should rebalance the spends and budgets before.
The minimal price of cost oil production is $8.50–12.60 (Kuwait, Saudi Arabia, Iraq, UAE, Iran). *UCube, Rystad Energy. 23 Nov 2015.
The new setup here…
Awaiting move downwards to $23.9—25.5.
I'm not a longtime in active trading, about two years, and like investor start from 2006. So, the Elliott Waves theory should help in understanding where could be a price action. But it's not a strategy. You are should know about divergency, about any types of zig-zags, flats, etc. Wish you good learning the EW theory!
So, if a price broke $44.55 sharply, and moving fast broke $48.35, then we could see a huge correction into $48.80–$73.11 area. But before we should see consolidation around $43.33. Now we have a low level of daily range and increasing volatility (red squares on chart below). Watching on daily RSI, awaiting consolidation and turn to downward. Vladislav, in that cycle from 11 Feb 2013 we should see $23.90 before price move to upward.