The market is absolutely always cyclical - everything +/- repeats itself. Alas, few people see it or realize it, and that's important as far as I'm concerned.
P.S. In any of the scenarios, you should stick to risk management. Only in this case you can save your invested funds. Otherwise, the market will punish. I have always written and will continue to do so, don't forget to lock in your income. 
Taking profit whenever the time is right is what I always suggest as well. I don't think that a person should keep holding their assets even if the prices are favorable and they can get decent profits on their investments, even if they don't sell everything at once, they can at least sell a portion of their holdings to get some profit and then keep holding the remaining assets just in case the prices go higher in the future.
Some people say they wouldn't sell at all even if the price goes significantly high because they believe there will always be better prices, I don't like that, and I believe it is better to take profit, and then see how the market reacts, you should have both some assets and some liquid assets and be ready for any market condition.