SPX: bullish pennant (flag) forming?

Just looking at this whipsaw city where 40 points are retraced within 2-days either up or down over the past 3-4 weeks (welcome to volatility baby! 😉 ) but no key levels are broken on either side just yet, it looks like a bullish pennant is developing.  Close above 1884 will confirm this developing pattern, close below 1834 will likely negated it (there’s always some wiggle room ;- ) ).

bullish pennant 03242014

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