The chart given below gives a good perspective of modern business cycles. The bar mekko chart illustrates both the lengh and breadth of business cycles. A log scale S&P 500 is appended to provide perspective. The chart divides each cycle into three and 1) a bear market (decline of 20% or more) 2) A recovery phase (which lasts until the S&P 500 and 3) a bull market - which ends when the next bear market begins.
(click on image below to open full screen).