Signalling a period of uncertainty, the High Wave candlestick pattern is a single-candle pattern whereby the body of the candle – either red or green – is very small with noticeable long upper and lower wicks. The wicks in particular for the High Wave pattern, the should be at least twice the length of the candle’s body.
According to Bulkowski, the High Wave candlestick appears in price action frequently but acts as a reversal pattern approx. 51-percent of the time and is therefore considered a random pattern. When coupled with high volume, the High Wave pattern is used by traders to confirms price action indecision.