One way to determine when a Bull market is over is to say that when a 20% or more correction, over a certain time frame, occurs in an uptrend, the Bull market has ended and a Bear market has begun. Using this measurement, there have been, including the current one, sixteen Bull markets since 1929, each interspersed with Bear markets.

In the early 1990s, Ned Davis Research developed criteria for further defining shorter term Bull and Bear trends as cyclical. And following the stock market bubble of 2000, Ned Davis further refined trends to describe longer term, or secular trends, that would include many shorter term or cyclical trends. The chart below was shown in the previous Navigator Report but I believe it should be shown again.

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