Dead Cat Bounce vs. True Bottom: Where Are We Now?

After a series of declines, the market has become increasingly cautious about any rebound. Most people believe this is merely a dead cat bounce in a bear market, with further drops likely to come. However, some argue that with Trump softening his stance on tariffs, the impact of tariffs on the market may lessen going forward. If a recession can be avoided, the market's downside potential might be limited. Investors are divided on where we are in the current cycle. What’s your take? Is this a dead cat bounce or have we already hit the bottom?