Reference to the technical definition of bear market rally or the beginning of a bull market, let us examine the following stock markets:

Dow
Low at 7449 on 21 Nov 2008
Now at 9015
Up 21%
Technically, it can be either bear market rally or the beginning of a bull market.

HSI
Low at 10676 on 27 Oct 2008
Now at 15509
Up 45%
Technically, it is at the beginning of a bull market.

Nikkei
Low at 6994 on 28 Oct 2008
Now at 9080
Up 29%
Technically, it is at the beginning of a bull market.

STI
Low at 1473 on 28 Oct 2008
Now at 1913
Up 29%
Technically, it is at the beginning of a bull market.

Resistance: 17500
Support: 14dMA, Green trendline, 10676
Comment: If it holds above 15000 - bullish. Symmetrical triangle's target is resistance at 17500. If it plunges below Green trendline - more downside.

You are an investor, and have the following question in mind:
"Is it time to invest in shares?"

Let me paint a clearer picture for you. Imagine the following 2 scenarios:

• You invested and the market continues to go down.
  
• You did not invest and the market starts its bull cycle.
  

Both scenarios are bad, but which is the worst?
Personally, I believe (2) is the worst scenario. Why?

Reasons
1. Bull market usually takes more than 5 years to reach its peak.
2. Bear market usually takes much less time (less than 2 years) to reach its bottom.
3. For scenario (1), the market continues to go down, but we are already 14 months in this current bear market.
4. For scenario (2), the market starts its bull cycle, and you have to miss this opportunity and have to wait for another 7 years (5+2).