I am a novice to the FX trading world and am here to learn. So please be nice and constructive when you comment.
The assumption here being that we are looking at an impulse wave to the upside.
Looking at a (nearly) completed 4th wave and a 5th wave about to form.
(Wave (4) being 0.382 x wave (3), since wave (2) almost precisely was 0.618 x wave (1))
This structure becomes invalid when we go down into the 61.8 retracement, so SLthere.
If wave (5) = wave (1) we should at least hit target 1 but if we are looking for a big extention we could possibly even hit target 2 (1.618).