The High Wave candlestick is similar to the Doji candle with one major exception: it has a body. While the Doji has no body with protruding upper and lower wicks, the High Wave candlestick can have a body of any size, but it must have noticeably long upper and lower wicks.
The wicks should be at least twice the length of the candle’s body.
The High Wave candlestick can be bullish or bearish. But in both cases the candle represents major indecision between buyers and sellers. With this said, this candlestick is not an indication that price will soon reverse or continue on its trend, but it should be looked at as a tipping for price between the bears and bulls.
Even though this candle acts as a random signal, it appears frequently on most time frames and should definitely be a part of your candlestick analysis.