We're also at a level of price resistance which happens to coincide with the 70.70% retracement level. Then there are those fib relationships I mentioned in the 21:22 BST post. So, good reasons to think that we may have come to the end of wave ii, if that is the correct count.
If we break up out of it substantially then we're probably in one of the moderately or very bullish counts. Falling out of the bottom of the channel may signify the end of the correction.