As expected, crude makes a new lower low in what could be just wave ( a ) of ( v ) down. That implies that the coming rally will be a corrective one retracing from 38.2% to 76.4% of decline off the lower high made on 13 Dec 2018.

A the moment I see two high probability bottoming zone for this move down: 43.40 – 43.00 and 42-41.80. If you decide to take it and go long please play small. That is a not great setup in a sense that you play for a corrective wave b. And wave b may get super shallow.