The stock market has demonstrated longer-term secular bull and bear cycles. Secular cycles are periods with a common trend.
In the stock market, these secular cycles are driven by trends in the P/E ratio.
This chart presents the secular stock market ycles since 1900, based upon analysis of P/E ratios, inflation, and other factors.
The cycles correspond with peaks and troughs in P/E ratios, often over extended periods of years.
The P/E atio cycle corresponds with inflation rate cycles as they move toward and away from periods of price stability (low inflation: 1%).