Ellipse Pattern on SPX?

Every now and then I like to back up and look at the big picture for unusual patterns
I'm seeing lower highs and higher lows, consolidating to a point....much like an ellipse
I'm thinking it represents the battle between the bears and bulls / shorts vs longs
The only other time I have seen this pattern is from Sept 2007 to Sept 2008
It ended in a market crash after the collapse of Lehman Brothers