EURAUD, 4hr tf, buy elliott wave setup wave-(v)

Hello my friends,

Here is my setup for EURAUD.
I am using elliott waves rule for this trade to get 4.5R trade setup.

As you can see price now on a correction after an impulse wave-(iii).
Fourth Wave usually are only a quick correction and stopped around 50% fibonacci of Third Wave.

After counting the fibonacci retracement, we could try putting a buy limit order at 1.6315 which is the 50% fibonacci retracement of wave-(iii).
For protective stop loss, we will use elliott waves rules where Fourth Wave could never touch First Wave.

Buy limit EURAUD 1.6315
Stop loss 1.6270
Take profit 1.6450 (3R)

RR ratio 1 : 3
Use only 1-2% risk
Good luck