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This fractal is a Julia set generated by the formula z^2/(z^2 + 1) + c, c = 0.1154701 . A square orbit trap was used with a split by axis, and angular decomposition was used for the exterior.
This fractal was entered in the Fractal ’99 contest in the “limited color” category under the title “Swarm.” This image actually did better than the other two I entered: it got 36 points and ranked sixth in voting among the entries. I attribute this to the relatively small number of entries in that category.
As the title “Swarm 2” implies, this is a member of a series. As an added treat, here are a couple of variations on the theme (click image to see full size):
Swarm
Swarm 4