Ascending Triangle is the Triangle shape with horizontal top and up-sloping bottom. Two price trend lines, the top one horizontal and the bottom one sloping up, form a triangle pattern. The two lines join at the triangle apex. Prices should cross the chart pattern several times. They should not leave a vast amount of white space in the center of the triangle.
Percent of successful formations – 89%
Failure rate – 32%
Average time to throwback completion – 30 minutes
Compute the height of the formation at the start of the triangle. Add the result to the price of the horizontal trend line. The sum is the minimum price target. If the pattern breaks out downward, sell it.