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Rainbow Falls is a classically-shaped rectangular waterfall dropping some 101ft on the San Joaquin River.
I was surprised to learn that this waterfall was once part of Yosemite National Park before mining interests successfully removed the falls and the postpiles area from protection. It wasn't until 1910 when Walter L. Huber (an engineer with the US Forest Service in San Fransisco) received an application to blast Devils Postpile and dam the San Joaquin River with the debris for the interests of mining. Disturbed by this finding, Huber got the Sierra Club involved and thus set forth the chain of events that would eventually make the area a national monument in 1911.
From the multiple times we've been to this waterfall, we can definitely say that the best time of day to visit Rainbow Falls would be in the mid- to late afternoon when the falls receives the benefit of soft afternoon light. During the morning, the falls is mostly in shade and it's not the best time to photograph the falls though it is a quieter time to enjoy the falls.
The trail to Rainbow Falls from either of the car parks near Red's Meadow Pack Station was about 1.3 miles each way (2.6 miles round trip). Every time I had done this hike, we had always started from the day hike car park though I didn't think it was much farther if we were to walk from the Pack Station.
Most of the hike was on a sandy trail pounded by pack horses and lots of human traffic. The terrain was such that it was very easy to get dust up in the air, which was very easy to breathe down and conspire to deprive us of oxygen, especially considering that we were at relatively high altitude (probably around 7000ft or so). The dust and fine sand particles were particularly prevalent whenever pack horses would pass by or there were lots of people walking to and fro. And no matter what, I can practically guarantee that your shoes and your clothes will be caked in a layer of dust by the time you're done with this hike.
About half-way down the trail, the path meandered into a ghostly burn area from a forest fire that happened back in 1992. The area was still recovering as of 2010 (giving you an idea of how long it takes for a pine forest to recover from a wildfire). The end result of this was that the trail was open to exposure from the sun and could be a surprisingly hot hike.
Once at Rainbow Falls, we were able to see it from a couple of overlooks. The first overlook provided a more angled look down at the falls. In my experience, it was easier to see rainbows (albeit faint) from here. The second overlook was more direct and maybe more photogenic. But I never recalled seeing a rainbow of any appreciable boldness or size from here in all the times I've been here.
Nearby that second overlook, there was a branching trail leading right to a series of steep steps leading right down to the banks of the San Joaquin River where we were able to get direct views of the falls while feeling its mist. In low flow, we were able to practically stand almost directly in front of the waterfall. In our first ever visit here, we were joined by many other folks cooling off near the base of the falls though I reckon this would only be possible in late Summer (we were here in September 2001). However, in high flow, it would be difficult to get that direct look unless you were willing to wade in knee-deep (maybe even waist-deep) water.
One thing I do want to mention about this excursion is that the hike back to the trailhead is all uphill. Even though the grade is nothing terribly strenuous, I can speak from experience when I say that it's surprisingly tiring thanks to the combination of high altitude and prevalence of fine dust hovering in the air. This is especially the case when you're not quite acclimated to the altitude. Heck, even the climb back up the stairs from the base of the falls to the main trail took my breath away. So I'd recommend taking your time on this excursion for maximal enjoyment and to stave off discomfort from the thin air.
Rainbow Falls sits at the southern end of the reserve, but there are options to extend the day by checking out the Devils Postpile formation as well as Minaret Falls and Lower Falls. Since both Minaret Falls and Devil's Postpile can be reached from a different trailhead, I've never tried to get there from the Rainbow Falls trail.
Directions: Rainbow Falls is near Mammoth Lakes. To get there, you take the Hwy 395 to the State Hwy 203 turnoff. State Hwy 203 leads into Mammoth Lakes, but continues onwards at Minaret Rd (there's a traffic light), which you take to Mammoth Mountain Ski Resort area. The mandatory shuttle is based here ($7 per person; National Parks Pass not accepted even though it's in a National Monument).
Continuing on typically requires a shuttle, and it continues on Minaret Rd taking you into the Devil's Postpile National Monument, where you can get off at any number of stops (each with varying lengths of hiking to the waterfall or other attractions including the Red's Meadow Pack Station). If you show up before 7am or after 7:30pm, you can self-drive this section (though you still have to pay the fee at any time you cross the entrance/exit booth during operating hours).
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