Oil and Natural Gas CO – ONGC (1D Chart) Elliott Wave/Technical Analysis
Function: Larger uptrend (medium wave (5), orange).
Mode: motif.
Structure: Pulse.
Position: Minute wave ((iv)).
Details: Minute Wave ((iv)) Navy is close to completion or has completed as a triangle. If so, Minute Wave ((v)) should soon move higher again.
Invalidity point: 278.
ONGC daily chart technical analysis and possible Elliott wave counts:
The potential wave counts in the ONGC daily chart since July 22 suggest that an intermediate wave (5) Orange is about to complete as prices are rising within the Minute Wave ((v)) Navy against the 278 mark. If the above is good, prices should rise from here or to the 310-20 range in the near future.
The stock has recovered from its low in July 2022 at the 120 mark, also the completion of the intermediate wave (4). The small wave 3 was extended and the small wave 4 was marked as completed at 222, registered on June 04, 2022.
Since then, Minor Wave 5 has unfolded, possibly ending the Minute Wave ((iv)) as a triangle in the 310-20 range. If the above holds true, the Navy’s final push wave ((v)) should continue from here and extend to the 400 mark.
Oil and Natural Gas CO – ONGC (4-hour chart) Elliott Wave/Technical Analysis
Function: Larger uptrend (medium wave (5), orange).
Mode: motif.
Structure: Pulse.
Position: Minute wave ((iv)).
Details: The Navy’s minute wave ((v)) will soon continue within small wave 5 of intermediate wave (5) Orange.
Invalidity point: 278.
ONGC 4H Chart Technical Analysis and Possible Elliott Wave Counts:
ONGC 4H chart shows the progressive structure of minor wave 5 Gray within the middle wave (5) Orange against the low of 222 since June 4. The price should ideally stay above 278, Minute Wave ((i)) Navy, to sustain the momentum.
The stock may have completed Minutes Waves ((i)) through ((iv)) Navy and should resume its Wave ((v)) rally towards 390-400 as projected here. Minute Wave ((iv)) is unfolding as a triangle and sub-minute wave e appears to be near completion.
Diploma
ONGC is expected to resume its final push of Minute Wave ((v)) Navy towards 390-400 within Minor Wave 5 of Intermediate Wave (5) Orange.
Technical Analyst: Hard Japee.
