At the left side of the chart the upward movement has clear five waves, therefore I assume this as an impulse.
As the basic rule of the EWT, every impulse, after a proper correction, is followed by another impulse, without breaking the point Zero (start of the impulse).
From the current price levels the conservative target would be the test of the extreme of the impulse, thus, providing ~x10 risk to return. If this is the place of the mid-term reversal, R/R will be fantastic.
My approach is to enter with the reasonable stop loss, further pyramiding and moving the aggregate stop loss at the breakeven.
Good luck!
As the basic rule of the EWT, every impulse, after a proper correction, is followed by another impulse, without breaking the point Zero (start of the impulse).
From the current price levels the conservative target would be the test of the extreme of the impulse, thus, providing ~x10 risk to return. If this is the place of the mid-term reversal, R/R will be fantastic.
My approach is to enter with the reasonable stop loss, further pyramiding and moving the aggregate stop loss at the breakeven.
Good luck!