SP500 - pennant pattern

This pink pennant pattern is the current argument we are playing out. This is likely to break out bearishly, as we did not see any reversal patterns when we entered the pink pennant.
320 was a strong support level a month ago... but I would like to see a reversal at lower support or Fibonacci level, or the intersection of both! ..., With a more notable reversal pattern too.
As we break the pink pennant, we will return to the larger yellow descending wedge. Which lines of support and resistance we respect... only time will tell!