Risk Off Risk On

Readers will remember this chart of the US index along with the US 10 year bonds, at the start of Oct I published it with the pink candles asking if this was a sign of a coming risk off, that bonds were at the bottom of a 5 wave decline. Yes it turned out to be the case. Now bonds have rallied in 3 waves a-b-c to the top end of a channel. Is this signalling near term a Risk On? or a bounce back from the dead.