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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.