The price has retraced to the 38.20% fib level.
The distance from the bottom of the current retracement (42.77) to the top of the most recent retracement (46.49) is 3.72. Assuming the distance to the bottom of the next retracement from the top of current retracement (44.36) is also about 3.72 we come up with a target of 40.64.
I am remaining conservative, so I have placed my target at 41.41.
Since oil is extremely volatile I will be zeroing out my stop once I am ahead by 15 pips,