Wave 3 ?
Looks like it 's right at the point of recognition.
click to enlarge
Fresh lows under 87.85 ought to kick it off. Note all Fib extensions get WTI below the Dec 15 low of 86.83.
That will wipe out all of the December gains. Of course since crude retraced .618 of the 1 down, if the next leg down is a Fib 1.618 of the 1, it targets the 83.60 level seen as 100% extension in above chart.
This has to contribute to to the Crude downside;
No doubt all noticed the fresh daily lows on the Euro today, but where's the next support?