The target for the trade provides for an exit just below the prior high, since the price may consolidate there. Alternatively, a trailing stop loss could be used in case the price flies through the prior high and keeps going. In either case, the risk/reward is attractive here.
The last patterns like this played out in 2012 into early 2013, and then again in 2014.
Disclosure: Entering long this week, assuming the price action remains strong.