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1. a tragic flaw could be the fact that he has to fulfill a prophecy of killing his father and marrying his father OR the fact that he possesses hubris- defined as exaggerated pride or self-confidence.
2. Fall from high esteem as pride is always the downfall of all the mythical heroes
Yes, Oedipus's main flaw is his pride as was seen in him killing the king when the king asked Oedipus to step out of the way when they met each other on the road. His perseverance is also, ironically, what lead to his demise as well.
Oedipus really did fall from great heights because he was the king of Thebes who, after learning that he fulfilled the prophecy, blinded himself and now seems to have to take the role of Tiresias, the blind seer, who helped Oedipus achieve his demise.