Look at the evidence, comparing price action and .
On the there is positive divergence showing now (remember not an exact science), but this does show that the recent selling may be abating.
So where will the bounce go to?
Well using Fibonacci retracements can be a good method for estimating retracement levels
So if we look at the of crude, what is the positive divergence?
1. price has made a new low
2. in the lower panel has not
indicated by the blue .
Minimum target would be the 23.8 % retrace level ; Oil however tends ot overshoot both on the downside and upside so 38.2 % retrace is a very valid target.