I'll have more to say on the subject in few days, but now I'll say that, in my view, a much better indicator of capitulation is volume! (vs price action). Now, often times you get both simultaneously. That, falling-knife price action and a spike in volume? Is this the case? hummmm don't have enough time to go into it right now. Check back in a few days.
in the mean time, we might get a bounce but, be careful out there, Bears are out for blood!