Oil needs one more wave down before bounce up (EW analysis)

Oil is in wave C and seems completes the minor wave 3 and wave 4. It needs one more wave down to complete the C wave. From time cycle, it is still in the bearish cycle. And it is rejected from the previous channel.

Based on EW theory if wave 3 is extensive wave, wave 5 will be nearly the same as wave 1 in price and time which means the price target is around 50.16 and time target is around July 15th or 16th which almost the same as time cycle (between July 16th and 17th).

Try trading scientifically and mathematically instead emotionally!