ONGC and Elliot Wave Theory - Rakesh Chandra

Elliot Wave Theory (EWT) states the Alternation Rule as

(1) If Wave Two is a simple correction, expect Wave Four to be a complex correction.
(For ONGC wave 1-2 wave is simple).

(2) Triangles commonly occur as fourth waves.
Note the 4th wave triangnle in chart).

(3) Elliott Wave Triangle designates five sub-waves of a triangle as A, B, C, D and E in sequence.
(Note the triangle labeling).

(4) Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3.
(Now the large wave 3 has downward ward direction, so the thrust direction will be accordingly, downward)

ONGC Stoploss 660 Short below 646.44. Lower target WLT1> 625>> 591>>> 570.