The Kingsclere trainer intends taking the daughter of Cape Cross, owned and bred by Cliveden Stud, for a gallop at the Surrey venue at the Breakfast With The Stars event on May 23.
"I'm very happy with her. She came out of the race well and it's very exciting," said Balding, whose filly is a 12/1 chance in Sky Bet's ante-post market for the big race on June 2.
"The plan is to go the Oaks and we'll probably take her for a little gallop at Epsom on Breakfast With The Stars morning and let her have a look at the track and then hopefully it's all systems go for the Oaks after that."
One filly who has already taken her chance in a Classic is Poet's Vanity, who is to drop back in trip after failing to last out the mile when seventh to Winter in the QIPCO 1000 Guineas at Newmarket on Sunday.
Though the Poet's Voice filly has had all her other four appearances over seven furlongs, Balding feels there are not enough races over that distance and is to try her over six furlongs.
The first port of call will be the Group Two Armstrong Aggregates Sandy Lane Stakes at Haydock on May 27.
"She's come out of the Guineas great. She didn't stay and we'll probably try her at six furlongs now as we're limited with options at seven," said Balding.
"Obviously she stays seven but we're restricted at that distance, so we're going to give her a try over six at Haydock and see how we get on."
Balding was delighted with the performance of Elbereth when runner-up to Somehow in the Dahlia Stakes at Newmarket.
The trainer will continue to look for the right opportunities for the six-year-old mare.
"It was a great run. She's got all sorts of options because she's very versatile trip-wise," he said.
"We'll give her plenty of entries and just go where we think we can win some prize-money."
