A P&F Descending Triangle Breakout occurs when a column of O's falls below a flat support level after a series of falling X-column highs. 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. Sellers pushing in lower on each rally finally overcome the buyers at the floor, giving a bearish breakdown signal.
