I believe with the advent of late April's dump below the channel, that the top of the channel is now resistance and that we are still in the middle of a correction. How deep this correction goes depends on if price is able to find support on the 21 weekly EMA (like in 2017) or finds support on the 200 daily SMA (like 2013).
If price is able to break above the channel and flip the bottom of the channel to support, then the case may be that the 21 weekly EMA was front ran and we continue trending up without much downside.
If price is able to break above the channel and flip the bottom of the channel to support, then the case may be that the 21 weekly EMA was front ran and we continue trending up without much downside.