You can see the proportions of the chart in the latest bearish rally.
Overall BRENT OIL is in a massive bullish rally. Next question is: are we on a goot timming to jump to the stock?
The answer is not clear. It's hard to do a clear count but with the both counts suggested above we can expect a retest of the lows. There is still a downtrend channel that is working pretty good.
How deep the price is going to go down? There is a fair chance to the price to go around 49.75 so ill jump long at those levels.
If you are a risk trader, i would also contemplate the option of jumping in the stock short right know before the next bullish rally starts.