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I saw this post by some native speaker on Twitter.

“There were 19 bear markets over the past 140 years. They lasted on average 289 days and the average price decline was 37%. No one-fit-for-all of course, but an average bear market would imply SPX index going 3000 from current level of 4000 by October.”

Is this bold would in the sentence tentative would meaning a tentative form of “an average bear market implies…”? Or is it a conditional would?

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