When I was at college many years ago my lecturer was talking about technical analysis and he referred to a book about channel analysis. It turned out later that it was written by my friends Dad!
I see more of a flag than a pennant, but presumably more bullish than a pennant.
I thought we were seeing a couple of smaller flag formations as the price was rising, but you could be right, this would signify a much bigger flag and thus a much bigger rise up past 1400 if you're right.