We did get the rally from the lower back up to the upper channel line:
Both counts I mentioned on Wednesday are still possible.
If we break the channel to the upside then a rally back to the highs and most likely even higher to 1400+ should unfold. Should the market stay in the channel though another sell off to the lower channel line (~1300) should unfold. If 1300ish breaks 1260ish is the next important support.