Yup, That's a vertical 8 in competion terms and if you roll over immelman style and continue it's call a vertical coaster as you climb exactly like the taffy photo. Flew comp years ago now just fly for fun. Don't be overly concerned with names just get out and have fun. Keep it in the wind cause they just don't fly well buried in dirt.
I have a fun move to pull with my UMX Pitts:
Pull up to vert
Knife edge stall turn down to the right
Re-enter parallel level flight
Roll to invert
Pull up to vert
Knife edge stall turn to the right
Re-enter parallel level flight
Roll back to normal