I have tried to illustrate how you might measure the 3rd run down for Caltex which might be approaching a low now. (This third leg low was possible to forecast on breaking of that slight triangle). That CTX has pushed down into past highs is not a strong sign, so any bounce of these lows is not likely to be a strong one.

It will take some time now for CTX to rebuild and rework its costs. Expect the continued release of poor news in this stock in the next few weeks, which of course the market is currently pricing in.

The weekly chart is unambiguously down, a purchase is not required until at least the moving average catches up with price.