1. Candle with wax dripping may be a phallic symbol. 2. Candle with wax dripping may also indicate the passage of time. Related DreamsWax Time; see “candle”Wax Symbolic of a faint heart, Ps 22:14Wax A dream denoting an unstable character, doubt on the part of the dreamer (Gypsy).Wax-Candle To dream of one denotes a birth; many, a death (Gypsy).