The notes in the image should explain all of it, but please let me know if there are any questions.
The most important thing with trend reversals is to wait for confirmation. Don't try and pick the bottom (or top), wait until reversal (or continuation) is undeniable, and THEN enter the trade.
Given the strength of the (which, unlike supply/demand zones, gets stronger with time), I'd expect price to reverse back upwards. We are, however, in a long-term , so don't expect price to reach the previous high. I'd be looking to enter on confirmation of reversal, and then take 75% profit at the first , and fully exit if price reaches the second . We then wait to reassess what is happening before re-entering the market. It's worth mentioning that I wouldn't hold a single trade over a month or more period (e.g. I don't trade the monthly charts). I swing trade, and generally enter based on the 4-6 hourly charts. The importance of the larger time frames is to determine a general trend (and therefore frame of reference and trade bias), and to ensure that I now exit my trades (I've been trades ONLY since the last reversal), and wait for confirmation. I don't want to get caught in a rapid bounce (or continuation), and would prefer to wait for the trend to develop either way.
Please let me know thoughts and suggestions in the comments below.
I'll keep this updated, but it's likely going to be a trade that develops over the next 2-4 weeks.
Cheers and good luck,
Monitor your chosen indicators, and ride the waves. The most important thing now is that we're looking for bullish trades until otherwise confirmed. All trading strategies suffer in transition markets, so be wary of those.
Good luck :)