This is a high confidence set up, looking to sell on wave c of ABC (full ABC not illustrated) Wave c always unfolds in 5 waves, so this wave (which is impulsive) needs one more leg to the upside. the sell target will be 0.5-0.618 of wave iii, but only once 5 waves have unfolded. because the larger picture is an ABC, the downside target is very big, possibly on a larger scale aswell, making risk reward at least 1:5.
