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Possible Bull Pennant forming on 1HR SPY

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SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Support and Resistance Trend Lines Pennant SPDR S&P 500 ETF (SPY) 1hr
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supportandresistance trendline pennant spy 1hr
Possible Bullish pennant forming on the SPY 1HR, based on the following:
-3 touches on resistance from Nov. 4th
-3 touches on support from Oct. 25th
-Higher lows, lower highs, forcing the price into a corner

The yellow lines are hotspots in VP, the first one indicating a possible convergence between it and the support of around $466. Alerts on both support and res., if volume confirms will be an interesting directional play.
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