I found VLX chart interesting.
Here is why:
VLX has been bearish for a while, however, we can clearly see that the bearish impulse movements are getting smaller and more flat (red comments).
So from a market structure perspective, this means that the bears/sellers are exhausted.
But this is just an early alert that a potential reversal might happen. It doesn't mean that the bulls are in control just yet.
For the buyers to take over, and the momentum to be shifted from a long-term perspective, VLX needs to break above the last major high marked in gray.
Meanwhile, until the buy is activated, VLX can still trade lower to test the green demand again. In this case, we will be looking for short-term buy setups on lower timeframes.
Always follow your trading plan regarding entry, risk management, and trade management.
All Strategies Are Good; If Managed Properly!