What next for market : waterfall decline or end of capitulation ?

As market has retest June low several times and finally close at 3584. (below June low of 3636) on 30 September. An unusual sense of trepidation of what may happen is playing through every investors’ & traders’ mind.

1)       Are we closer to the final phase of capitulation? ( glass half full )

2)      Or is it the start of a waterfall decline ? ( glass h…