The setup has formed and it is valid because:
- The price broke up the consolidation that we identified by drawing the blue trendlines
- The breakup candle is green (colored by the Breakout Pivotal Bars)
- The bullish Sentiment Index broke up its trendline as well
The set the target we take the length of the previous impulse and we project it to the upside by starting from the bottom of the current consolidation.
The stop loss, instead, is a level at least a bit lower than the breakup candle but, if you want to be extremely conservative, you should place it below the current consolidation.