Place the stop just below the origin of Wave 1 (Wave 2 cannot retrace 100% of Wave 1).

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Place it at the point where your wave count would be invalidated.

Elliott Wave without confirmation is subjective. Two analysts can label waves differently. This is where Fibonacci saves the day.

Look for: A simple zigzag or flat pattern. Avoid complex WXY corrections.

Move stop loss to breakeven when TP1 is hit. Trail stop loss using the 20-period EMA.