|Symmetrical Triangle Bottoms|
Prices trend down then form lower highs and higher lows following two sloping trendlines that eventually intersect. There should be at least two minor highs and two minor lows touching the trendlines.
Percent of successful formations – 79% for upside breakout and 57% for downside breakout
Failure rate – 3%
Average time to throwback completion – 2-3 hrs
Compute the formation height by subtracting the lowest low from the highest high. For upside breakouts, add the difference to the highest high or for downside breakouts, subtract the difference. Alternatively, symmetrical triangles can be halfway points in a move, so project accordingly.