The Evening Star is a bearish, top trend reversal pattern that warns of a potential reversal of an uptrend. It is similar to the Abandoned Baby Top and is the opposite of the Morning Star and, like the Morning Star, consists of three candlesticks, with the middle candlestick being a small star that gaps away from the first candlestick. The first candlestick in the Evening Star must be supportive of the uptrend and, hence, must be light in color and must have a relatively large real body. The second candlestick is the star, which is a candlestick with a short real body that does not touch the real body of the preceding candlestick. The gap between the real bodies of the two candlesticks is what makes a Doji or a Spinning Top a star. It can form within the upper shadow of the first candlestick but its real body must not overlap the real body of the first candlestick. The star is the first indication of weakness as it indicates that the buyers were unable to push the price up to close much higher than the close of the previous period. As it has a small real body, the color of the star is not important. This weakness is confirmed by the candlestick that follows the star. This candlestick must move against the uptrend and, hence, must be a black candlestick that closes well into the body of the first candlestick. When the star is a Doji, this formation is called the Three-Rivers Evening Doji-Star or an Abandoned Baby Top if it gaps away from both the first and the third candlesticks.
The reliability of the Evening Star is enhanced if the third candlestick opens below the real body of the star leaving a gap between the real bodies of the star and the third candlestick, similar to an abandoned baby. This, however, occurs very rarely. Reliability is also enhanced by the extent to which the real body of the third candlestick penetrates the real body of the first candlestick, and if the third candlestick has very little or no lower shadow. Finally, volume should also be considered as the pattern is more reliable if the volume on the first candlestick is lower and the volume on the third candlestick is higher.