The ONE limitation of ALL the suggestions so far is that the pennants will all be stiff, non-flexible.
If you make them from the colored portion of plastic wrappers (plastic bread bags and such) they will be flexible. You could hide a small fan in the background on low speed and they would flap in the breeze. Cut a diamond shape and double them over your "wire" and glue ONLY at their base with the exception being just a tiny dab near the point to keep the pointed ends together.
Guessing it might be easier to apply the glue to the spot on the "wire" where the pennant is to be.
Simon
