Holding patterns are kind of confusing.. I'm going to answer this from memory.. or more importantly, how it's done for real..
I' only remember being concerned with the "protected side".. which in reality, is the whole pattern. THe toughest part to understand about holding, is how to enter the pattern. There could be a whole thread about this... Direct entry.. Teardrop entry.. Parallel entry..
http://en.wikipedia.org/wiki/Holding_(aviation)
Here the gist of it all... When you are told to hold (or report that you intend to hold).. you need to cross the holding point (in your case here, the VOR), as soon as possible.. and be sure that as you enter the pattern, you stay IN the protected side (the whole "oval"). The direction shown, is mostly a reference, and almost always, right turns. If you end up flying several laps, it's usually the best direction to be flying, for exiting the hold, and going onto an instrument approach (or continuing on a STAR)
As you'll see while studying entries. .. you'll enter in the "wrong" direction more times than not.. and the type of entry you fly, will accomplish the needed reversal. However, so long as you stay in the oval, and stay AT your assigned altitude, you can fly however you see fit. You're pretty much "given" the airspace inside the oval, AT a certain altitude.