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He infers: 2015–2025 as the "recession period," 2025–2035 as the "depression period," and after 2035 entering the "recovery period."
Therefore: some researchers consider 2026 as a deepening of the "depression period" or the "eve of the bottom," rather than the start of a "reversal." The true "reversal" (recovery period) may not occur until after 2035.