What Are Stock Market Cycles ?
Stock Market works in cycles means consolidation, uptrend (Bull Market) and then downtrend (Bear Market) and this cycles continues.
Cycles is nothing but perception of people about stock market because of current market scenario. When market stable means no negative news about market then people start buy shares at any cost and market become overvalued. Business also operate in cycles every business have lots of cash in their books and some time negative cash in hand.
What is Bull Market Phase ?
When market daily touch new highs this is call bull market. Bull market starts after consolidation phase. Bull market have some common characteristics like more money supply, low interest rates, new investors,etc More money supply means more purchasing power. when people have more money in hands they spend and they invest in equity market because other investment instruments have lower returns. Economy grows faster so new investor invest in market and market tend to overvalued. Bull market create greedy investors and they cause bear market.

What is Bear Market ?
Bear market are measures when market fall 20% from life time high, 52 weeks highs. In most of the cases new investor quit market in bear phase because they think market never recover in future. bear market occurs usually when economy slow down, wars happens, crude oil prices high, inflation, etc
When war happens inflation starts rising higher inflation means less economic growth less growth means less earnings of companies so bear market starts. Bear market remains usually 2-3 years some times ends in 5-6 months.best time to invest in market is bear market because stocks of quality companies are available at cheap prices.
what is stock market and how it works ? – read in detail
What is consolidation phase ?
Consolidation phase of shares not related to economy because when bear phase occur stock fall sharply and consolidate.
when stocks go down they became undervalued. Stock can’t become zero because every stocks have underlying business. When stock falls mutual fund buyers starts buying because they gets stocks at lower prices and stock starts in uptrend.