A possible Down before Up

I have noticed an alternative pattern in ONGC. This could play out if the previous major patter was an ending diagonal. In the current pattern it is possible that ONGC has finished the B wave of the ABC and is now due for a C wave which should complete @ 150 kinda levels. A breakout to the lower side would confirm the continuation of the C wave and this seems to be highly probable, then followed by a possible up move. My view is that there is first a down move, then depending on the pattern that develops, there could be an up.