45 Days done : Bear market rally over ?

The April 2nd announcement led to a global shock across the financial markets that lasted almost a week. The announcement was reversed with a pause. Last Friday, the 45-day cycle was completed from the day of the pause announcement, and most of the assets, except bonds and currencies, have recovered from the fall. 

The most important index to lead the fall was VIX ( Volatility index ). It reached a high of 60, but last Friday's close was at 22, with a recent low of 17. The risk of future spikes remains elevated as the index's averages remain above crucial levels. 

The curiosity remains regarding the currency and bond markets as they are at the levels of pre-pause. The reason for currency is estimated to be the outflow and reallocation from USA to non-USA assets and regions. The reason for bond markets is estimated to be that tariffs are still higher by large margins that will push the future interest rate cut further than thought. 

The important question is which market is pricing in the near term correctly? The equity and volatility that have fully reversed or the bond and currency that remain at the same level. The next few days are crucial to determine whether this was just a bear market rally that usually lasts 44 days on average or a full reversal.