Triangles usually form during a trend and are continuation patterns. The three main types of triangles, which vary in form and interpretation: symmetrical, ascending and descending triangle.
These patterns contain at least two swing highs and two swing lows. When these points are connected, the lines converge. For the symmetrical triangle the trendlines converge toward each other. This pattern is neutral and the breakout could be in each direction, although the more probable is that of the preceding price move. In an ascending triangle, the upper trendline is flat, while the lower trendline is upward sloping. This is a bullish pattern which usually forms in an uptrend. In a descending triangle, the lower trendline is flat while the upper one is descending. This is a bearish pattern which usually forms in an uptrend.