Visualizing a Markov Chain

Markov Chains are often visualized in diagrams showing the different stages connected by arrows representing the possible transitions.

Suppose you're analyzing market trends using a Markov Chain model. The market can be in one of three states:

• Bull Market: Strong growth and investor optimism.
• Bear Market: Declining stock prices and pessimism.
• Stagnant Market: Minimal movement, uncertain direction.

In the pictured Markov Chain diagram, what does the number marked in red represent?