The evening star is a three-candle top reversal: a large bullish candle, a small-bodied candle gapping up, then a large bearish candle closing more than 50% into the first candle's body.
Bulls gradually run out of energy at the highs. The small middle candle's gap shows bulls tried to continue but lacked conviction; the large bearish candle confirms bears have firmly taken over.
Reliable top-reversal signal after an uptrend (win rate 69%). Enter short after the third bearish candle closes. Stop-loss above the middle candle's high.
The bearish candle must close more than 50% into the first bullish candle. Presence of gaps strengthens the signal.