The symmetrical triangle pattern is a continuation chart pattern like Ascending and Descending Triangle patterns.
This pattern is characterized by two converging trend lines that connect a series of troughs and peaks.
The trend lines should be converging to make an equal slope.
This pattern indicates a phase of consolidation before the prices breakout.
*What is a Symmetrical Triangle Chart Pattern? The Symmetrical Triangle Chart Pattern indicates an ongoing period of price consolidation before the prices breakout.
A bullish symmetrical triangle is a bullish continuation chart pattern, the movement preceding the triangle’s formation must be bullish .
On the other hand, A bearish symmetrical triangle is a bearish continuation chart pattern, the movement preceding the triangle’s formation must be bearish .
The symmetrical triangle pattern is different from a descending or ascending triangle pattern as both triangles’ lower and upper trend lines slope towards the center point.
A horizontal upper trendline is formed in ascending triangles that predict a higher breakout.
With a descending triangle , a horizontal lower trendline is formed that predicts a lower breakout.
The trend lines should be equal in their convergence slope when a symmetrical triangle is formed.