A break of the local would warrant movement towards TP Zone 1.
A bounce off the would see price move to the . At the price may then breakout yet again and travel towards the Long TP Zone. However, we believe it is more likely to bounce back downwards, creating an M pattern and continuing along its downtrend.
There are many trading opportunities here.
Executing long trade towards initial TP, with SL just below the Support Level.
Now assessing price action to see if we trade a breakout long, or an M pattern forms for a short play.
Execute Short trade with SL just above resistance and TP at TP Zone 1.