Is the phase of Nifty’s outperformance vs bonds coming to an end?

Ratio line shows a reversal from pattern re-test zone (i.e. peak of August 2018). Fall has been steep, yet it is trading above its 50-EMA.

from Moneycontrol Latest News https://www.moneycontrol.com/news/technicals/isphasenifty’s-outperformance-vs-bonds-coming-toend_14891821.html