An ascending triangle is a bullish continuation/reversal chart pattern commonly found on the charts. Price prints similar or identical highs and lower lows. A bullish breakout usually occurs when price is compressed between peaks.
The volume decreases as the pattern develops. Also, the volatility gets lower over time because there is low interest from traders. Everyone who watches the triangle is either waiting for a breakout to enter a trade or is already in a trade and waiting for a result.
A minimum of four touch points are required to form an ascending triangle. There is no rule that an ascending triangle has to have ABCDE (5 waves). Ascending triangles are very well visible to market participants.
Ascending triangles are often found at the end of a huge uptrend, when there is a final wave up, and then when price drops below the horizontal line and makes a new low, there are usually a lot of stop losses from traders, which results in a massive and impulsive downtrend. If you find an ascending triangle and the trend looks extended, you should take profit as soon as possible before a possible trend reversal.
The success rate is around 72%. The pullback (retest) rate is around 63%.