What is the correct spelling ovey or ovay?

Neither. I think you are looking for "oi vey," "oi vay," "oy vay," or "oy vay," which all seem to be acceptable alternative spellings.

Here are some of the pertinent dictionary.com entries, though none is really satisfying:

http://dictionary.reference.com/browse/oy%20vay

http://dictionary.reference.com/search?r=2&q=oy%20vey

http://dictionary.reference.com/browse/oi

http://dictionary.reference.com/browse/oy

First answer by Zanbabe. Last edit by Zanbabe. Contributor trust: 582 [recommend contributor]. Question popularity: 4 [recommend question]