We have a completed leading diagonal in higher degree wave (1) after wich price fell in a complex WXY correction down to 1.278. The fast move following this wave (2) and break of upper channel confirms the bottom is in place.
This might be a wave 1 of smaller degree and we are currently in wave 2 wich should find support near 1.291 to 1.300.
You can short this move down but I don't recommend it as corrections are really frustrating. The profit potential is (if 61.8% retracement is reached) around 200pips. Where as the profit potential of an upside move are more than 500pips and those moves are way faster and cleaner than corrections!