As for stoploss i decided to place it below the last swing point of the breakout. Someone could say that it's too tight so another option would be below the support which hold C, 2, ii waves (dotted line in the chart). As for profit target i aimed the 1.618 of wave 1 where price should test a longer term .
Like and comment,
Always happy when someone else's (Elliott) views corroborate where one's own head is at.
I'm looking for this iii to pause for breath around the 1180ish level where I have a decent resistance/support level (which also corresponds to a 127.8 extension on my etch-a-sketch) and all being well (hah! this is gold) 4 pullback and then that 161.8.
Price action will soon let us know.