We are currently at a weekly important 2008 support level. Significant trend lines and Support lines have been violated due to the extreme weakness of Oil (check out red trend and support lines at the red circle area on the chart). Will this very important 2008 support will hold? Personally I think yes. All the wave counts seem to be complete.. I expect a bounce back from this support and oil shall go back to 55$ in the short term. Wait for a Thrust signal (decisive). Good Trades.