Trend is your friend and don't try to buy oil earlier.
But nevertheless, we should measure possible bounce areas.
This last 5th wave down out of III could stop around 0. .618 of wave 1-3 subtracted from peak of wave 4.
0.5 = 27.43
0.618 = 19.13
Lets add here middle of the channel (dashed line inside of the downtrend) which crosses the area of 0.618.
So another 5 to 13 dollars down.
Be careful, despite the accumulated divergence on (subchart below) we can have another dip down.