If you subtract 4.78 from the supposed end of the triangle wave "E" at 10.61 it targets 5.83, it could reach this target by late October or early November.
The recent Commitment of Traders Report for WTI Crude Oil shows that Commercials - they have the largest positions, are still at a relatively high net short position. Commercials had their highest net short position in late May just before the WTI Crude Oil and high of the year.
A sharp decline in to a new low for the year could be a sign of a coming global economic slowdown similar to what happened in 2008. If this were to happen it would have a effect on stock markets worldwide.
Thanks for commenting about my post. I use mostly Technical analysis and was unaware of any oil talks when I made the post.
Rather than be concerned about what could happen at the oil talks, follow the money. In this case its the Commitment of Traders report for Crude Oil.
The Commercials are the really big money and they are heavily short WTI Crude Oil Futures.
I will research RIG and post my opinion.