USDCHF 15M long | morning Star Pattern

Candle Pattern: morning Star
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+
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: above
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot

Elliot Wave:
looks like we are on wave 3 of an elliot wave extention.
Looking for a retest of the wave 1 high as wave 4 before continuing to the upside to form wave 5


Notes:

Late post, Entry made overnight. Already in profit at posting.

at 1am placed an entry at the fib .764 level where my 20 pip sl would overlap the recent swing low, 200sma and overlap into the elliot wave 1 zone. Price was still around the high point of the last swing high. I placed the entry in hopes price goes to the 764 level and continues the upside trend.

morning star formed around the 764 fib retracement just shy the 200 sma.
stochastic showed oversold at the time and crossing back above the 20 line
macd histogram showed momentum slowing to the downside

TP Goal around 40 pips

What can go wrong:
its possible we continue to drop and cancel out the elliot wave extension and just for another retest of the high level elliot wave 1 high.