S&P500 Is COVID just a bounce inside the Channel?

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Well as you see the chart is pretty explanatory. I want your thoughts on a simple question. Was the sell-off driven by the COVID pandemic just a necessary technical bounce inside the multi-year Channel Up that started at the bottom of the 2008 crisis?

So far, even though the 2200 bottom marginally broke it, we have stronger evidence with the recent weekly rally that the trend is still bullish within the Channel Up.

The Megaphone that has emerged can be seen as similar to the one that preceded it in 2014 - 2016. Maybe now the index will continue upwards but on the lower part of the Channel Up. Notice how the RSI was descending during both Megaphones.

What do you think? Was that just a bounce? Looking forward to your opinion.