this is the labelling I have, and I believe the blue (5) is still incomplete, one more swing low is required which should set a new low in the 32-38 range. The movement can be choppy and overlapping, possibly an ending wedge. One area to watch is the break below the red support line, which could well be the support for the Head and shoulders pattern, then the minimal target for the movement below the line will be approx 38, which is exactly what we want.
That 4th looks done to me. The short squeeze rally is done, commercials are net short still, interestingly.
People would expect oil to rally now, with talks of war in the Middle East and whatnot, I guess that they need a good shaking around before the rally materializes.