Crude oil turned nicely down at the start of the month from 51.65 where market completed extended blue wave three, so our wave count suggests that recent bearish structure with three legs is wave four. In fact, decline from 50.52, labeled as wave C), already spiked beneath wave A) levels so minimum requirements for a valid correction were met, thus new bullish turn may already be happening now with current rise back towards 49.20 region that can open room for more gains ahead. Ideally market will continue higher into wave five, above 51.65.
Currently we could be in a correction in wave 2), which can make an ideal reversal higher around the Fibonacci ratios of 61.8 or 50.0.

Crude OIL, 4H