Misdirection

You can choose to make a spell on the stack target this spell (if such a target choice would be legal had the spell been cast while this spell was on the stack). The new target for the deflected spell is not chosen until this spell resolves. This spell is still on the stack when new targets are selected for the spell.

You choose the spell to target on announcement, but you pick the new target for that spell on resolution.

Once the spell resolves, the new target is considered to be targeted by the deflected spell. This will trigger any effects which trigger on being targeted.

You can’t make a spell which is on the stack target itself.