Should I adjust my 401k

You should roll your old 401k over into an IRA if possible. It should come with no penalty but I'm not sure if you might be subject to something for waiting so long. Once it's in an IRA you'll have full control over it.

https://investor.vanguard.com/401k-rollover/options

I was just kind of letting it sit until I figured out my next move as the target date 2050 seemed to be a half as decent mix for the time being. I don't have the time to do much now as I'm backpacking through asia, but I can easily move change my allocations to a more bond based fund that is much lower risk. Is that a good idea for the short term based on what the market has done thus far?

>>1040388
No. US interest rates are rising. Bonds are going to take a hit just like everything else and the risk that you forget it for years is too high. Just leave yourself allocated aggressively and the dips will flatten out in the long term.