ONGC Elliott Wave Analysis

ONGC Elliott Wave Analysis. As on 9 Nov 2019. CMP 138

Bottom line : Neutral.

Primary count : Price could be in wave 5 to the downside of an ending diagonal that should eventually decline nearer to the 90 level, which would make an excellent bullish opportunity.

Alternate count : Price could be in the early stages of a 3rd wave choppy rally to new highs to above 314.  (We are hoping this count does not play out as it is possible we will miss this trade entirely, but that’s ok – we trade with the tools at our disposal).