ONGC - Did You Get Trapped in an Irregular Flat? – Elliott Wave I Told You So… The Market Whispers! Can You Hear Them?
Back in April 2024, I warned you to be careful as the stock approached key resistance at 314, forming a Bearish Bat pattern with a Potential Reversal Zone (PRZ) between 300-275. The stock topped at 287, right at the edge of invalidation.
Yet, if you got convinced of the rally above 300, then unfortunately, no one can help—but I did my job of warning you months in advance.
This reminds me of BHEL, the stock we discussed a few days back.
Let us talk about ONGC.
The Irregular Flat structure caught many off guard. Did you get trapped? Because if the current wave unfolds impulsively, which it just started from the highs of 345, then welcome to reality!
Warning Through Last Idea in April 2024
As shown in the chart snapshot, how Irregular Flats look has been illustrated next to the price chart. I have depicted the irregular path of flats that could unfold.
This is how markets deceive, creating irregular structures that mislead traders. Elliott Wave calls this pattern an Irregular Flat—a trap that looks bullish before a sharp reversal wipes out weak hands.
The Lesson?
Patterns speak… if you listen carefully.
I shared my insights long before the structure unfolded—and yet, if you got trapped, you now know why.
Catch me later with another exciting idea of WaveTalks, Market Whispers! Can you hear them?
Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
