ONGC daily chart potential wave counts since July 22 is indicating an Intermediate Wave (5) Orange is nearing completion as prices are progressing within Minute Wave ((v)) Navy against 278 mark. If the above holds well, prices should turn higher from here or the 310-20 range in the near term.

The stock has rallied from its July 2022 low registered at the 120 mark, also Intermediate Wave (4) termination. Minor Wave 3 was extended and Minor Wave 4 has been marked complete at 222 registered on June 04, 2022.

Since then, Minor Wave 5 has been unfolding and is potentially terminating Minute Wave ((iv)) as a triangle around 310-20 range. If the above is correct, the final thrust Wave ((v)) Navy should resume from here and extend through 400 mark.

Oil and Natural Gas CO – ONGC (4H chart) Elliott Wave/technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (5), orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((iv)).

Details: Minute Wave ((v)) Navy to resume soon within Minor Wave 5 of Intermediate Wave (5) Orange.

Invalidation point: 278.

ONGC 4H Chart Technical Analysis and potential Elliott Wave Counts:

ONGC 4H chart is indicating the progressive structure of Minor Wave 5 Grey within Intermediate Wave (5) Orange against the 222 low since June 04. Price should ideally hold above 278, Minute Wave ((i)) Navy, to maintain the Impulse.

The stock has potentially terminated Minutes Waves ((i)) through ((iv)) Navy and should resume its Wave ((v)) rally towards 390-400 zone as projected here. Minute Wave ((iv)) is unfolding as triangle and sub Minuette wave e seems to be near completion.

Conclusion

ONGC is expected to resume its final thrust Minute Wave ((v)) Navy towards 390-400 range, within Minor Wave 5 of Intermediate Wave (5) Orange.

Technical analyst: Harsh Japee.

Oil and Natural Gas CO – ONGC Elliott Wave/technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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