The Nasdaq during the Dotcom crash. 2000 to 2002.
Total decline: −78%.
Along the way:
+35% rally
+12% rally
+25% rally
+41% rally
+45% rally
Every single one felt like the bottom.
Every single one was a trap.
The +45% rally was the cruelest.
It came right before the final collapse.
This is the anatomy of a bear market.
Violent rallies that shake out the shorts.
Convince the bulls to re-enter.
Then resume the decline.