This pattern can last a long time. Be on the lookout for any trending activity. V-formations are continuation patterns which begin as initial reversals in trend. V direction is opposite main trend. If it is a right triangle, the market will breakout on the horizontal side of the triangle.
Gaps are areas in charts where no trading occurs and are usually continuation patterns.
Runaway gaps have strong fundamentals behind move, are not quickly filled Exhaustion gaps are usually the largest gap, usually filled, and have blow-off characteristics.