A P&F Ascending Triangle Breakout occurs when a column of X's rises above a flat resistance level after a series of rising O-column lows. Point and Figure charts plot rising prices as columns of X's and falling prices as columns of O's, ignore time, and add a new column only on a reversal of several boxes, which filters out minor moves. Buyers stepping in higher on each pullback finally overcome the sellers at the ceiling, giving a bullish breakout signal.
