Another 3,000 point fall in the Dow could trigger another wave down. Very similar pattern occurred in the GFC, very sharp downward move followed by a 20%+ bull market recovery, (within a bear market) and then another major leg down to end down about 50% overall. The worst of it played out over 7 months. Average bear market lasts for 11 months.
A lot of institutions have had to undertaker quarter end rebalancing of their portfolio's to meet minimum mandated equity allocations. This has happened because bonds have had such a strong run and equities such a weak run. With a new quarter starting tomorrow, it will be interesting to see how this recent bounce holds, or doesn't, without that institutional rebalancing support.
https://www.goodreturns.co.nz/articl...or+31+Mar+2020