No Oceangate is not the "watch the water" event. Watch the water refers to the mural/painting in the background in North Korea. The painting changed from a storm to a beautiful sunrise and this was pointed out by an anon to symbolize that Kim Jong Un was liberated from deep state. Q acknowledged this in post 849.

• First picture from NK: https://qanon.pub/#745
• Q says "Watch the Water": https://qanon.pub/#765
• Second picture: https://qanon.pub/#846
• Q says "Watch the Water" again: https://qanon.pub/#847
• Q acknowledges anon: https://qanon.pub/#849

In context of Q, "watch the water" has only one meaning, and that is this. There are no "multiple meanings" here.

I try to point this out every time "watch the water" pops up... :)