I think the chances of a draw in this match are not low yet. The Australian team is experienced. So they declared their innings before the end of the fourth day. The good news for England is that they did not lose a wicket on the fourth day. They will have 10 wickets on the fifth day. England do not expect to win by batting for 388 runs. Their goal is to draw.
If you want to draw the match, Root, Stokes and Bairstow must play a role. If these three players can play well then England can expect to win. Because no other player of the team is in the form now. The match will be a draw even if the two openers play the first full session, but it is almost impossible for them.
Australia chances are bright as England need 358 more runs to win. Seeing the bowling performance of Australia in recent tests I am very much sure they will bowl out England tomorrow. As far as England is concerned they will try to draw the game. Let's see who succeed in achieving his aims.