Spinning Top White
In a Spinning Top White pattern, the color of the small body is white (or green in some charting systems), indicating that the closing price was higher than the opening price during the time period, despite a lot of price movement in both directions.
To look for the spinning top among the red candles, you can use the Spinning Top Black candle pattern.
Here's a breakdown of the Spinning Top White pattern:
The body of the candlestick is small, showing little difference between the opening and closing prices. The body is white (or green), indicating that the close was higher than the open.
The upper and lower shadows (or wicks) are significantly longer than the body, demonstrating a lot of price movement during the time period but no decisive control by either buyers or sellers.
The pattern can occur in both uptrends and downtrends, but its interpretation depends on the preceding trend and subsequent candles. If it appears in an uptrend, it may suggest that buyers are losing control and a bearish reversal is possible. If it appears in a downtrend, it could suggest that sellers are losing control and a bullish reversal might be imminent.
Like the general Spinning Top pattern, the Spinning Top White requires confirmation from other candles or technical analysis tools to suggest a potential trend reversal. For example, if it's followed by a bearish (downward) candle in an uptrend, it can be considered a sign of a potential reversal.
Remember, the Spinning Top pattern, whether white, black, or colorless, indicates indecision in the market. It's always a good idea to look for further confirmation before making trading decisions based on this pattern.
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