The typical behavior of investors is linked to the known cycle of investor psychology.
The cycle of investor psychology explains the different behaviors that an investor has to make any kind of financial transaction as this must have full confidence to invest.

This cycle is inside the market cycle which often experiences during their temporary development clearly cyclical behavior.
Within the equity market, there are two phases:

• Bull market: It dominates the business sense of optimism and financial, some investor euphoria, high yields of return and widespread increases in prices of shares.
Within this uptrend three phases:
Accumulation phase: where there is a brief uptrend and investors behave with some doubt, suspicion and concern.
Expansion phase: where improved economic data is confirmed and there is a growing participation of investors and showing enthusiasm and confidence in the inverter.
Distribution phase: At the beginning of this phase feel a generalized euphoria, where stock prices are constant and buy new shares by a sense of greed.

•Bear market: The securities exchange traded progressively lose value in the share price, investor sentiment exhaustion, pessimism about the future of the business benefits and rapid adjustments in the rates of certain sectors that eventually spread the market in general.
Within this trend there are three other phases:
Distribution phase (second part): In this part there is an oversupply of shares, in which a number of investors begin to sell because the stock price has peaked, motivated by a feeling of indifference.
Panic phase: the "start of sales" is filtered causing massive sales by investors shown by panic and fear.
Consolidation phase: In this phase the sale of shares is braked by its excessive reduction in share prices. Sales only motivated by the need for liquidity, this phase is characterized by the lack of investor.