here's a nice EW picture in Crude, we are running wave B down of a , the speed of the decline being insufficient to ignite wave 3 down. Also notice that we have a diagonal down, and those are usually the ending diagonals, rather then the leading ones. So we are likely to pause our decline soon (probably in a few hours, once the Crude inventory is announced) and we will go up in wave C of the , I expect we can go up as high as 48.40, where the top of previous wave 4 resides and we have 1.382 extension of wave 'a'.
So, first up until 48.40, then short to 38 or lower. (I do think we'll get lower than that if SPX deamons help us).