Spotting the Plumber’s Pivot 🔍

Here’s how to identify the pattern and what to watch for:

1. Initial Top Formation: You see a rounding top, head-and-shoulders, or some other bearish setup suggesting a decline might be imminent. 📉

2. False Breakdown: Prices momentarily drop below support, but quickly snap back above it. An "Oops!" moment right here, as support gets reclaimed. 😲

3. Upward Surge: Prices reclaim the lost ground and shoot upward, leaving shorts scrambling and bulls celebrating. 🥳🚀

Five Charts with the Plumber’s Pivot 📊

I've compiled five charts showcasing this classic pattern, which has consistently shown up during the 2024 bull market. Traders who have spotted these setups are reaping the rewards, and those who missed out should take notes for the rest of the year.

1. Chart 1:

   

   • What you’ll see: A deceptive dip and immediate rally, reclaiming lost ground in no time.

2. Chart 2:

   

   • Key takeaway: Bulls remain in control even when the pattern looks bearish.

3. Chart 3:

   

   • Look for: A failed breakdown that leaves the shorts caught off guard.

4. Chart 4:

   

   • Watch closely: An unexpected reversal showing the resilience of this pattern.

5. Chart 5:

   

   • Main lesson: When you see this, be ready for the reversal.

Wrapping Up 🎁

The Plumber’s Pivot has emerged as one of the 2024 bull market’s most defining chart patterns. So, whether you're trading or investing, keep a close eye on it as we head into the rest of the year. 🚰

What do you think of this pattern? Do you have it on your radar, or is your portfolio down the drain due to these deceptive dips? Let’s navigate these waters together, traders, and keep the momentum strong! 🚀

Until next time, stay sharp, stay strategic, and always stay invested. 💼

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