how much should OXY stands in Market

$西方石油 (OXY.US)$

Given the market sentiment change, One must ask how much lower can OXY has to go to reach market floor. Since there is no earning for OXY, then the only approximate factor one can consider is P/S.
OXY has a P/S range of 0.41-0.72 with average of 0.57....... However currently market P/S is 0.95, it is way overbought. IMHO, given that sales will still decline in next year, the P/S should be somewhere around 0.7 or less. This translate to a healthy market valuation of $15-16. Those who still hold on the stock will see stock going down further. This is not a market correction, it is a correction of single stock which has been hyped!