This is the January 2016 crude oil contract and at this time it has reached a low of $39.84 per barrel before it to started to crank up. It may not be the end for oils decline but the gold/oil ratio is at such an extreme that it would be hard to imagine if this ratio headed back to a 30:1 ratio as it did this August 2016. Bullish sentiment also reached a low of 9% at that time which all makes for extremely bearish readings if you are a fundamental analysts .
If you look at it from a contrarian view then there is lots of room for crude oil to move upwards. I never use oil to forecast the price of gold as oil eventually goes up in smoke as for gold it only transforms or moves and gets hoarded.
At this time oil is starting with an impulse but only time will tell if it has staying power. Some of the patterns have not completed to my satisfaction, so anything can still happen. Many bearish price levels have been called but none of them were called at the top in 2008!