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The Psychology
In a downtrend or during a pullback within an uptrend, the bears are certainly in control. The buying that takes place on the forth day that forms the long upper shadow hints at buyers starting to bottom fish and shorts possibly taking some profits, but the intraday sell-off that closes the stock at the lows likely wipes out the bulls, and with the lack of sellers available, there isn’t much resistance left when the shorts start to cover.

Identification
Three black days occur with successive lower opens and lower closes. Then a black day forms with some noticeably upper shadow. The final day is a white day that gaps against the trend and opens above the body of the fourth day.

Pattern: reversal
Reliability: moderate