Even after working over 10 years as a financial analyst, I never truly understood the difference between ‘bear’ and ‘bull’ markets much less when a new market cycle began where another ended. We are clearly now in a bull market and have been for many years, which is why more market analysts are busy trying to predict when it will end. If anyone can guess with a high degree of certainty when an economic cycle will end, the individual would be an instant billionaire. Or in the very least, could strategically avoid losing value on non-cash portfolio positions.
Then there is this ‘gray’ area called a market correction. Where a market has become overvalued and stocks prices fall broadly to where they should be. The linked article below provides a very good analysis of market conditions and provides a cool table chronicling economic cycles since the 1930s. Check it out!