USDCHF 15M long | Fibonacci Entry

Candle Pattern: N/A
Trend: up
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .764
Fib TP: 1.0
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: above
BB: n/a
Pivot Point: S1

Elliot Wave:
Currently in correction from wave 5 completion.
Correction A might be completed and looking for a move to Correction BB


Notes:

Entry placed at the .764 level near the S1 pivot point

stochastic showing oversold zone
macd histogram showing momentum slowing to the downside and momentum picking up to the upside. mutiple lower range crossovers happening


TP Goal around 40 pips but will let it ride as far as possible to point B

What can go wrong:
the current downside move to point A could continue further past my estimates and SL.
Fed rates news could mean more volatility than my SL can handle