Below is a slider quiz to test your ability to identify pipe tops. Captions appear below the pictures in red for guidance, so be sure to scroll down far enough to read them.
1 / 5
All of the charts in this quiz are on the weekly scale. I show three chart patterns. The diamond bottom is a nice example of a diamond. This one is symmetrical. It looks like a diamond, which is actually rare for the pattern. Often you'll see the diamond shape tilted to one side. The next pattern is a pipe bottom which we discussed
a few weeks ago (click the link to take the quiz). The last pattern, shown with a single P, is a pipe top (two of them). Let's talk about the red P. A pipe top has two upward spikes that tower above the surrounding landscape and they are longer than the average spike over the prior year. You want to see unusually tall twin towers. Volume really doesn't matter much, but you'll find the right
spike will have lower volume than the left one. The pattern confirms as a valid pipe when the stock closes below the lower of the two spikes.
2 / 5
Find as many pipe tops as you can. For help, click here.
3 / 5
Here are three pipe tops that I found. The twin spikes are taller than other spikes which precede them. They all confirm, too.
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