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The triangle pattern, also called the coil," appears in three varieties: 1. ascending, 2. descending, and 3. symmetrical,
Ascending and descending triangles are also referred to as "right-angle" triangles. Generally, a triangle pattern is considered to be a continuation or consolidation pattern. Sometimes, however, the formation marks a reversal of a trend.
Symmetrical triangles are generally considered neutral, ascending triangles are bullish, and descending triangles are bearish. From a time perspective, triangles are usually considered to be intermediate patterns. Usually, it takes longer than a month to form a triangle. Seldom will a triangle last longer than three months. If a triangle pattern does take longer than three months to complete, Murphy advises that the formation will take on major trend significance.
What does an ascending triangle look like?
Converging trendlines of support and resistance give all three patterns their distinctive shape. This occurs, Kahn explains, because "the trading action gets tighter and tighter until the market breaks out with great force."2 Buyers and sellers find themselves in a period where they are not sure where the market is headed. Their uncertainty is marked by their actions of buying and selling sooner, making the pattern look like an increasingly tight coil moving across the chart.
As the range between the peaks and troughs marking the progression of price narrows, the trendlines meet at the "apex," located at the right of the chart. The "base" of the triangle is the vertical line at the left of the chart which measures the vertical height of the pattern.
The pattern duration is only provided for events based on Classic Patterns, as well as Island Tops and Bottoms. The pattern duration is the number of days over which the pattern formed. Pattern duration is equivalent to the term "pattern length". Longer duration patterns generally forecast the anitcipated price movement to occur over a longer period of time. For example, a 90-day pattern anticipates price movement over the long term, compared to a shorter-term 30-day pattern.
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