All explained on charts. If its breaks the channel, then I think it will find next support only at 700-ish levels (or atleast below 750)
Also, I believe, this time it wont stop at 700, will add the all time charts in the comments to support my view.
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I don't think this Broadening pattern on all time charts is a bullish sign. Nevertheless what happens at 700-ish levels will be crucial. I would expect a short term double bottom at the levels (in a span of few weeks), If at all it has to rise up again.
Would opt to rather be late for this party, then being early and getting stuck.