Two adjacent long spikes that stand side by side like a pair of pipes, marking a sharp reversal that resolves fast. Most reliable on the weekly chart with volume, it captures the moment a crowd's capitulation and short covering cross at once.
A pipe top or pipe bottom is a sharp reversal where two adjacent long spikes stand side by side, like a pair of pipes.
It was cataloged by pattern analyst Thomas Bulkowski and is observed mainly on the weekly chart.
A pipe bottom is a bullish reversal made of two adjacent long lower spikes pointing down. Price gets driven deep two weeks in a row, and each time it is pushed back up, leaving a pair of pipes standing at the floor.
A pipe top is the mirror image, a bearish reversal made of two adjacent long upper spikes pointing up. Price is bid up to a high two weeks running, and each time it is knocked back down, leaving a pair of pipes standing at the ceiling.
The crucial detail is that the two bars are adjacent. No other bar sits between them: two bars with long spikes stand right next to each other.
It shares the "tried twice and rejected" shape of a double top or bottom, but a pipe is far sharper and resolves over a much shorter span.
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