Candlestick patterns are versatile as they not only indicate bullish reversals but also bearish reversals. The Shooting Star pattern is ideal for spotting a bearish reversal. The pattern is made up of one candlestick that has a long upper wick and a small real body at the bottom. The lower wick is either very small or does not exist at all. The color of the candlestick has no significance however, the size of the upper wick should be double the size of the real body.

The Shooting Star pattern indicates a tug of war between the market forces in an uptrend. The long upper wick shows that the buyers attempted to take the market further higher but the bears grew stronger and now a reversal is on the cards.