Intermediate wave (3) down should continue to 54.05.
Summary: A third wave is underway. Corrections are brief and shallow. The new target is at 54.05. Only a clear breach of the pink channel on the daily chart would indicate that the downwards trend is being interrupted by an upwards correction.
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The bigger picture sees US Oil in a super cycle second wave correction unfolding as a huge zigzag. Within the zigzag cycle wave a subdivides best as a five, indicating a zigzag, and cycle wave b is a complete double zigzag.
Within intermediate wave (3) no second wave correction may move beyond the start of its first wave above 107.67.
Cycle wave c is most likely to end when price finds support at the lower edge of the large channel.
Within cycle wave c intermediate wave (3) would reach 2.618 the length of intermediate wave (1) at 54.05.
Intermediate wave (3) has now moved far enough beyond the end of intermediate wave (1) to move the invalidation point down. Intermediate wave (4) to come may not move back into intermediate wave (1) price territory above 91.76.
Minor wave 3 is not over, and minor wave 4 to follow it should be brief and shallow. Along the way down to the target for intermediate wave (3) to end I now expect a continuation of strong downwards movement with shallow and brief corrections interrupting it. The pink channel is a best fit channel: draw the first trend line from the lows labelled minute waves i to iii, then place a parallel copy on the high labelled subminuette wave ii. This channel is nicely showing where upwards movement is finding resistance. The channel is being breached to the downside by a strong fifth wave, typical of commodities.
Only when this channel is breached by upward movement would I expect that the downwards trend is over for the mid term. At that stage I would expect that intermediate wave (3) would be over and intermediate wave (4) would have begun.