A descending triangle can happen in either up or down trends. Does it typically occur in an uptrend or downtrend?!?! I don't know. Either way, it's a valid pattern in both up and down trends. It is a continuation pattern if in a downtrend and a reversal pattern in an uptrend. The basis for the pattern is a series of lower highs with even lows where a horizontal line can be drawn at the bottom, as the current daily chart shows.
Many times it will show up as part of a larger symmetrical triangle pattern. So I think if PPS breaks below .035 and heads toward support at .03, your potential bullish flag pattern is still intact. There was no descending triangle pattern in the drop from early April to May, it was a straight up bullish flag that bounced off support at .013.
Descending triangles, naturally, are just the opposite of ascending triangles. In a downwards trend the triangle forms as an indication that the trend will continue downwards. In an upwards trend the triangle forms as an indication of a trend reversal. Descending triangles are formed when there is a series of progressively lower highs and relatively even lows. As can be seen in the image below the top line or resistance line of the triangle will be angled down, while the lower line or support level will appear as a level horizontal line.
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