Probably many do not believe in oil after such a strong decline from 83$ to literally 25$. At the moment (as of May 13, 2020), the price of Brent crude oil is about 29$.
Long term forecast
Having expanded the monthly chart, we clearly see that now the price is in the zone of key levels, which will certainly play a strong support and the price of oil, perhaps after a long consolidation, will start a new growth.
But some more downward movement may well continue until the three-wave cycle ends.
The approximate price is 15$, after which the price of oil will start to rise again, but this will not happen soon. Perhaps in the next 2-3 years it will be possible to predict something clearly.
The next target, judging by the wave analysis, is at 111$ per 1 barrel of oil.
It is also worth noting important price marks, around the prices of 43$, 58$ and 82$, which, when growing, will have strong resistance and the price will be corrected from them.
Medium term forecast
If you open the weekly chart and draw trend guides on two points, then the price is currently just at the support and it is possible to move up to the level of 45$, after which the fall may again continue to the expected bottom at the level of 14$.
Such a “puncture” of the channel (shown in blue in the screenshot) can just be an indicator of a false breakdown, after which the price will bounce back at least back into the channel.