My channel looks a little different than that - I use a LRC on the weekly chart starting on 7/22/2003 with the second sample point 7/21/2006 (I had been using a sample ending in 2005 but just updated it now - didn't alter the channel more than a few points.)
This channel was broken the week of 7/21 but we are now (barely) back within.
As I said, I consider the fact that the Nas comp stayed within it's channel to be more siginificant than the NDX, which is not a broad index and is more prone to volatility and overshooting.