could may well be another pullback as well, what I have noticed during the last days, despite the pressure down, the bears don't want to play anymore like the last weeks, seem tired or start to be afraid to take new risks to short. It is hard to be bullish either in these times, the fact is, the last week reminds me a lot the may period before the rally... It was right after an extremely bearish month or so, a big retracement than pullback and sideways with a similar sentiment as we have now. We will see, I think the best way is wait for the market take the move, buy in after a retracement if it goes up or buy after panic gets to the market during a sell-off. Shorting seems risky at the moment either.
I would avoid to qualify it as a pennant, seems to long comparing with the downside movement and they normally take shorter time when continuing the trend (shorter than the flags even normally), on shorter time frames not looking as a pennant imo. But of course, it could go more down also.