It's tempting to think it is some sort of 3d version of the targeting triangle. My question is did you fire on his port side or starboard side? Because it wouldn't make sense if you fired on his port side and the 3d piramid is on the far (starboard) side, somewhat distanced from it.
Another thing I recently learned from the Academy Torpedo mission video is (when on auto targeting) the triangle would invert (be upside down) depending on the level line of the periscope being under or above the waterline. Or maybe it's the objects center, since the water is sometimes slightly above the line. Or it might be just a wave swell. This might explain why it hasn't been noticed before if everybody has his scope down. The 3d piramid would be below the surface and not shown from above. So, Lt.Fillipidis, how did you have your periscope at the time?
[Edit] and there should appear a red piramid aswel on occasion.
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