Secular Cycles

"The stock market has demonstrated longer-term secular bull and bear cycles. Secular cycles are extended 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 cycles since 1900 based upon Crestmont?s research and 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 ratio cycle appears to correspond with inflation cycles as they move toward periods of price stability (low inflation)."

crestmontresearch.com/pdfs/Stock%20Secular%20Chart.pdf