A next level "mooning" maneuver designed to show more disrespect than the standard act of mooning. The Pink Elephant is fairly simple, but specific to the male gender. It is achieved by undoing one's fly and exposing the bare penis whilst pulling the pockets out of the pants. The inside out pockets represent the elephant's ears and the exposed penis symbolizes the trunk.
Guy #1: "Wow, you totally gave that passing truck driver the Pink Elephant!"
Guy #2: " I know, I've grown tired of mooning people... it's just too common place these days"