My understanding of wedges and triangles is as follows:

In a wedge, both trendlines are rising, or both are falling

In a triangle, one trendline is rising and one is falling.

And, of course, the trendlines are drawn from the highest point (in SKP's case on Feb 26 at 108) to the next highest (April 20 at 97p) - this trendline goes down

The other trendline is drawn from where the price bars 'drop and bounce' (March 22 at 71p) and the next bounce (May 4 at 86.5p) - this trendline goes up.

Therefore it's a triangle! The definition of a triangle is that it needs a minimum of two touches on the top trendline and two touches on the bottom trendline - these are quite weak and the more touches the stronger the triangle.

Triangles take between 1 and 3 months to form, and pennants take between 1 and 3 weeks to form. Both these form after large, fast moves (such as with SKP from Jan 4 to Feb 26. They are just 'breathers' usually before the stock carries on its way - so if it was going up before the triangle formed, it is likely to breakout going up (and vice versa of course).

And just to bore you rigid (if I haven't done so already), here are some statistics on triangles with breakouts to the upside from the Encyclopaedia of Chart Patterns.

Failure rate: 5%

Average rise: 37% ( most likely rise being 20%)

Volume trend: downward

Premature breakout: 14%

Throwbacks: 58%

Percentage meeting predicted price target: 81%