A bear market is when most stocks are going down and generally accepted as being more than 20% over an entire index.
So yes right now we are in bear territory and it may take some time to recover back to trading as normal.
Many investors suspect it will take between 6 to 12 months before the market reverts and begins trading again on the up and up.
Now is a great time to buy stocks at a discounted price, there are many top stocks that are trading for far less than their true intrinsic value.
If we locate them and buy in at the right time this bear market spells opportunity, more than anything else.