This is also a converging triangle formed with one flat horizontal line on the top & an inclined line meeting at a common point as illustrated in the chart.
The flat horizontal line act as a resistance for the prices & the on the inclined line the prices take support. It’s not necessary that the ascending triangle formation takes place only in the bull market, they can be formed in a bearish trend also.
Here also you should concern with the key point “The Third Touch”. The five significant points help us to make our decision in a better way. Here, each points suggesting a reversal point & as soon as price got it’s third touch on the inclined supporting line the price shoot up & a breakout happened.
The target for this pattern is the maximum vertical range of the triangle.
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