I would also only consider a predictable drop the length of the back of the pennant. So we are talking about a predictable $6-8 downside from the point of exit from the pennant. Which could be as little as your 1. (1199.70).
Just my thoughts. Good luck!
Personally I don't find many patterns that follow the script as perfectly as you describe, if they did, we would be millionaires in no time at all. I prefer to wait for a retracement based on fib levels, which are also never a guarantee, but just my personal preference. ;0)