Normally by the end of 9 months the stock price has reached the price levels the stock was at before the run started or below.
This walk down can be between 6 to 9 months. And seems to be a insiders make money cycle, in the pennyland hype game (Pump & dump).
I've seen new stories and new runs happen with 6 month walk downs, more then, at the end of 9 month walk downs. But yes, one can watch for a new PR story to start a new pump & dump setup at 9 months.
For some reason this cycle; both story & pump & dump, repeat more frequently on a shorter time cycle, then longer one. Meaning if the original 3 leg run happens a little quicker then 3 months or the walk down, to previous price levels, are reached quicker, then 9 months. A second go around will happen more often.
I guess the greedy Pro's at the pennyland game, can't wait. While the insiders which think lets try this are happy with what they get the first time.
But I usually see 2 or 3 month runs, with 6 month walk downs repeat, more then 3 month runs, with 9 month walk downs.
Either are worth a watch though. The story is the tell!
You'll see the restructuring or up listing hype story. Sometimes they like the dividend or free stock from a takeover story, if they are ready for a second setup. But something about a major change in company direction is needed, in the story, from the company.