What action should a pilot take upon reaching a holding fix?

When a pilot reaches a holding fix, the appropriate action is to report to Air Traffic Control (ATC) the time and altitude. This communication is important as it informs ATC of the pilot's position and status, allowing them to manage traffic effectively and provide any necessary instructions. Reporting both the time and altitude helps in maintaining situational awareness and assists in ensuring safety and coordination within the airspace.

Entering the holding pattern directly may occur following this communication, but it is not the first action taken. Continuing to the next waypoint is not advisable unless directed by ATC, as the pilot must first establish communication about their arrival at the holding fix. Initiating a missed approach is unrelated to reaching a holding fix, as this action pertains to an approach phase where a landing cannot be completed. Thus, timely reporting to ATC at the holding fix is essential for maintaining communication and safety in the airspace.