We use the Fibonacci Retracement Tool. The entry of the Three Dives Pattern is absolutely above 23.6%. So the hard stop loss is there.
Generally, any chart consolidates on 50% to 61.8% zone. So our first take profit is 78.6% zone.
The bet is if it satisfies this setup and retraces down towards 50% level we shall buy it again towards 100% retracement which is like extended cup formation. But in this case, we need to update our stop loss to the abit higher position!