GBPUSD ELLIOT WAVE ANALASYS

Wave one was formed, then wave 2 retraced between 50-75% which gives a buy opportunity. The bottom red line is the stop loss which I placed right at 78% retracement and my take profit at the top red line at 161% of wave 1.i did my analasys on weekly, but would recommend going to lower timeframes to get perfect entry point.