It is for the first time in 43 years that the scores have been tied heading into the final match of an Ashes series. But England is wracked by injury and form woes coming off their innings and 80 runs fourth Test defeat at Headingley.
"It will be difficult for them to bounce back now. It'll only be that because of what we've got out of this game and what we felt we got coming out of the Edgbaston Test," said Ponting.
"We've got some of our guys that have been struggling for a little bit of touch, some of them probably in the best form of their careers which is great. Everything is heading in the right direction for us at exactly the right time of the tour," FOX Sports quoted him, as saying.
With his side firing on all fronts, Ponting said the south London clash would be one of the biggest moments of his stellar career.
It is a chance for him to atone for the 2005 Ashes series defeat that is still considered as the lowest moment in his five years in charge.
"It's a chance I've been waiting for this whole tour and a chance the whole team has been waiting for," he said.
But England has a good record at The Oval, having been undefeated in their last seven Tests at the ground. England captain Andrew Strauss insisted his side's poor show at Headingley wouldn't mean a thing next week.