Regardless if the mouse wheel rolls in or out, the timeline always zooms out. Probably best to follow the Helioviewer viewer window usage, where a rolling the wheel away from you pushes the images away from you, corresponding to a zoom out. Rolling the wheel towards you pulls the images towards you, corresponding to a zoom in. The timelines should act in the same way.
Regardless if the mouse wheel rolls in or out, the timeline always zooms out. Probably best to follow the Helioviewer viewer window usage, where a rolling the wheel away from you pushes the images away from you, corresponding to a zoom out. Rolling the wheel towards you pulls the images towards you, corresponding to a zoom in. The timelines should act in the same way.