Yes ! these are some of the chart patterns develop and use by the“Technical Analysis “ to predict the future movement of stock market or price. Over the years, technical analysts have developed hundreds of technical indicators and detected dozens of chart patterns that they contend help them forecast future price changes. While we cannot describe or even list all of them, we can categorize them based upon the nature of irrationality that we attribute to markets

What Is Technical Analysis? ( by Investopedia )

Technical analysis is a method of evaluating securities by analyzing the statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity. Just as there are many investment styles on the fundamental side, there are also many different types of technical ......