First of all, beware of a false breakout by sharks trying to get you to go long; Basically they make it look like its breaking out of the channel but then it retracts, falls into the channel and goes to the lower end of the channel;
anyways, i'm looking for the breakout; im less risk averse, so i'll be willing to take the long after two days of it remainng outside the channel.
So if it breaks out today, closes above the channel tomorrow and the next day; then safe to say it can truly breakout and start a new upward channel.
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Just going down to test the bottom of the channel;
Most likely make an even tighter wedge; its inevitable to get a decision soon; i would say it goes up after testing the bottom, with a strong break to the upside.