Crests and troughs. Peaks and valleys. Oscillations and random movement. Like the tide, price comes in and recedes. No single wave can be determined precisely in advance; like surfers, traders give them every consideration– in relation to each other and in knowledge of the general trend.
During this bull market in US equities, prices rise and fall gently, at times roughly. Fear and complacency, volatility (really, the price of options) spikes and collapses. (If the US market gyrated similarly, I suppose something would have to be done).
We know we’re in a equities bull market because the low point of the next wave is usually a little higher than the previous one.