Crude has tagged my target green box and that was the bottom of the wave ( iii ) down. Please note that it tagged 376.4% extension of the wave ( i ) down. Its a typical target for the wave ( iii ) in extended wave that sometimes happen not only in commodities but also in stocks.

The first move up off the low was too small and weak to be all of corrective wave ( iv ) up. I expect a drop here in wave c of ( b ) of ( iv ) and then another more powerful rally to 59.13 – 59.74 ( the red target box ). That move would complete a corrective wave ( iv ) down and may give birth to another decline to new lows in wave ( v ) down.