If you want white on the bottom, yes. I never let them set until totally hard, but until they are almost hard. It melds the two colors together better. More like one candle instead of having a white one under a red one.
you'll see a skin of harder wax form on the top of the white. don't wait too long or, as Tonya said, they won't bond together and you may see a line of air where the colors change. If you DO end up with a discoloration (waxes mixing) or a line/crack between the colors, wrap a pretty ribbon around that spot
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