VET market structure analysis

VET has been in an uptrend for a while, respecting a trendline which obediently acted as support throughout the uptrend. After producing a fake breakout of a key level, liquidations got triggered but demand managed to keep price above the swing low of the current impulsive move, which is a very bullish sign. A demand zone has formed in this area, which saw strong reactions from buyers. Price broke the 0.1675 level again, with above average volume. The orange scenario is the most bullish one, and for that to play out we want bulls to immediately buy the level we just broke out of, confirming it as support. The purple scenario will see price re-test the trendline we just broke out of (and possibly, the local POC). Longs can be entered upon confirmation of using either of these two entities as support.