The Nasdaq during the dot-com bubble burst. 2000 to 2002.

Total decline: −78%.

Along the way:

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

Every rebound felt like the bottom.
Every one was a trap.

The +45% rebound was the cruelest.
It came right before the final collapse.

This is the anatomy of a bear market.

Violent rallies, shaking out the shorts.
Convincing the bulls to get back in.
Then the decline continues.