EURUSD 15M long | morning Star Pattern

trade entry triggered

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: .50
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: below
BB: n/a
Pivot Point: S1

Elliot Wave:
currently at point B in the elliot wave correction after a downside elliot wave move.
Looking for the completion of point C around point A



Notes:

moening star formed around the .764 level and and S1 pivot point

stochastic showing oversold
macd histogram showing momentum slowing to the downside. Crossover just happened


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

What can go wrong:
since price is below 200SMA, price could continue to the downside making the elliot wave correction invalid. Would have to re-evaluate the elliot wave for a new recount.