Price moved to the upside with an impulse move then broke through a descending channel. After breaking the channel, price corrected and now we broke through and retested the consolidation zone on a smaller timeframe.
Price reversed on a major trend support. The fact that it reversed by breaking through a descending channel gives us more confirmation that we're going long.
Price seems to be breaking out of an ascending channel to the downside. Also, if you look closely it might be forming a head and shoulder pattern. So if we successfully break out of the trend, we'll also be breaking a neckline of a H&S.
