As of 11/15/2024
Indus: 43,445 -305.87 -0.7%
Trans: 17,228 -195.25 -1.1%
Utils: 1,034 +17.34 +1.7%
Nasdaq: 18,680 -427.53 -2.2%
S&P 500: 5,871 -78.55 -1.3%
|
YTD
+15.3%
+8.4%
+17.3%
+24.4%
+23.1%
|
 43,000 or 46,000 by 12/01/2024 18,000 or 16,600 by 12/01/20241,000 or 1,075 by 12/01/202418,850 or 20,000 by 12/01/20245,800 or 6,100 by 12/01/2024 |
As of 11/15/2024
Indus: 43,445 -305.87 -0.7%
Trans: 17,228 -195.25 -1.1%
Utils: 1,034 +17.34 +1.7%
Nasdaq: 18,680 -427.53 -2.2%
S&P 500: 5,871 -78.55 -1.3%
|
YTD
+15.3%
+8.4%
+17.3%
+24.4%
+23.1%
| |
|
43,000 or 46,000 by 12/01/202418,000 or 16,600 by 12/01/20241,000 or 1,075 by 12/01/202418,850 or 20,000 by 12/01/20245,800 or 6,100 by 12/01/2024 | ||
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Encyclopedia of Candlestick Charts
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The high wave candlestick reminds me of the long legged doji candlestick only the high wave is not a doji. Both have tall upper and lower shadows. The high wave candle can be any color, but the long legged doji has no body so it has no color.
The high wave acts as a reversal just 51% of the time (think random) and a mid list performance rank of 67, where 1 is best out of 103 candlestick types.
|
Theoretical performance: Indecision
Tested performance: Reversal 51% of the time
Frequency rank: 17
Overall performance rank: 67
Best percentage meeting price target: 77% (bull market, up breakout)
Best average move in 10 days: -3.38% (bear market, down breakout)
Best 10-day performance rank: 60 (bear market, up breakout)
All ranks are out of 103 candlestick patterns with the top performer ranking 1. "Best" means the highest rated of the four combinations of bull/bear market, up/down breakouts. The above numbers are based on hundreds of perfect trades. See the glossary for definitions. |
 High Wave
|
Testing the high wave candle shows that it acts as a reversal 51% of the time, which is about random, and that agrees with theory (indecision). The high wave candle appears often, giving it a frequency rank of 17 (a rank of 1 means most often, 103 means almost invisible).
Overall performance is well behind the leaders, ranking 67. The best move came after downward breakouts in a bear market. Price dropped an average of 3.38% whereas a good move would be over 6% in 10 days. The best performance over 10 days ranks 60 and that happened in a bear market after an upward breakout.
| Characteristic | Discussion |
| Number of candle lines | One. |
| Price trend leading to the pattern | None required |
| Configuration | Look for tall upper and lower shadows attached to a small body. The body is not a doji (meaning that the opening and closing prices must be more than a few pennies apart. |
If you want a few bones from my Encyclopedia of candlestick charts book, here are three to chew on. The pages refer to the book where the tips appear.
The high wave candlestick shown on the daily chart at point A appears in an uptrend. For that reason, I would expect the breakout to be upward and that is what happens (a breakout is when price closes either above the top or below the bottom of the candlestick).
The high wave candle has tall upper and lower shadows with a non-doji body. That means the opening and closing prices are far enough apart to show a body color.
-- Thomas Bulkowski
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