The following can also be a possiblity to your assessment if volumes have been falling, not always bearish.What is the Descending Triangles Pattern?
A descending triangle is a bearish continuation pattern (Mostly) that indicates a stock price is expected to move in a bearish trend. They are opposite in direction to the ascending triangles. Two trend lines form a Descending pattern. The lower line is horizontal and acts as a support line, whereas the upper line represents the resistance line. After the consolidation period, the upper trend line represents sellers eager to relieve their position by decreasing the prices. As the traders are panic because of stock price falls, more sellers will short their positions, and at that point the breakout has happened, and the stock price starts moving downwards. However there are also scenarios where descending triangle is formed after and up move and stock breaks out on upside to continue.
Consolidation Period – Here, the stock price is moving up and down. This basically depends on the trades(buying and selling positions).
