Based on the current data, I’d say it looks more like a correction than a full bear market.
The recent dump seems mainly driven by the shockingly weak U.S. jobs report and sudden political noise around the Fed. Those are short-term catalysts causing panic — not signs of a long-term downward trend yet.
If we start seeing a pattern of weakening fundamentals and investor sentiment over the coming weeks, then the case for a bear market strengthens. But for now, it’s more of a sharp market reaction (aka correction)