NAS - Channel

There's a nice channel here that seems to be garnering a fair amount of respect, a dozen or so touches top, bottom and middle, just fallen out once on what I see a corrective 4th wave.

So, price has fallen out of it once and we are currently trading in the bottom half, basically in price discovery, I wonder if the rally really is over? My hunch is yes and the channel will break to the downside. Could be a big drop.

What do you think?