ONGC still pending a down move?

According to Elliott Wave analysis, ONGC looks into last phase of its short term down move.
After trending impulse, the stock is into Flat Correction. Wave C of Flat correction should have 5 moves in it. And we can see 4 moves until now. So we can say ONGC is in wave 4 of wave C of Flat correction.
ONGC may go further down a little more to form wave 5 of wave C. This level may come at 61.8% retracement of the previous impulse.

This analysis is for educational purposes only.