The evening star pattern is relatively rare because it requires a precise three-candle formation with specific gap and body conditions. The evening star pattern is quite rare as it requires a very specific formation of three candles. Despite its high reliability, this pattern can offer false signals in a macro uptrend.
The pattern rarely appears, but it is considered a reliable bearish indicator.
According to Thomas Bulkowski, the success rate is 72% in indicating a reversal, but the pattern appears infrequently on the charts.
Its scarcity is exactly why traders take it seriously when it does print.