That channel is to the left in green on this chart. Shift your eyes right and notice the green channel we are in now. I drew that channel about a month ago and came across this chart today while deleting old charts.
I will be keeping this one - notice we are crawling sieways out of that channel above the 45% level? We may dip to 45% in the next few months for a correction (I half expect such to happen) but the tight, momentum building channel off of the high that started in late 2006? Not happening this time.