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a framework which characterizes market trends as a predictable price response of the market at levels of price support and price resistance, varying over time. The terms bull market and bear market describe upward and downward market trends, respectively, and can be used to describe either the market as a whole or specific sectors and securities. 3 A secular market trend is a long-term trend that lasts 5 to 25 years and consists of a series of sequential primary trends. A secular bear market consists of smaller bull markets and larger bear markets; a secular bull market consists of larger bull markets and smaller bear markets. ...
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