What does the framework of a bear market look like?

During the years of the dot-com bubble crash, the Nasdaq

from 2000 to 2002

saw a total decline of −78%.

Along the way, there were several decent rebounds

+35%
+12%
+25%
+41%
+45%

Each time it seemed like the bottom was in.

Each time it was a trap.

The most brutal was that +45% wave.

It gave you a glimmer of hope just before the final collapse.

This is the anatomy of a bear market.

It throws out vicious rallies, first shaking out the shorts,
then luring the longs back in,
only to continue its descent.