Rally to 49.5 ended wave 4. From this level, wave 5 of (3) decline is unfolding in 5 waves where wave ((i)) ended at 45.08 and wave ((ii)) ended at 46.71. Wave ((iii)) is in progress towards 40.4 - 40.89, then it should bounce in wave ((iv)) before another leg lower to complete wave 5 of (3). We don't like buying the proposed wave ((iv)) bounce. Cycle is currently pretty stretched, but as far as wave ((ii)) pivot at 46.71 holds, expect oil to resume lower to finish wave 5 of (3).
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