I am unsure what is going to transpire - but downside pressure...

I am unsure what is going to transpire - but downside pressure looks quite strong...at this point I'm fairly cautious and breaking of lows is the likely scenario as far as I can see.
I don't think we shall rally untill we get one hell of a capitulation...I know- everyone is talking about capitulation, but that's what I just see here...I can't see a rally being born without majority of participants throwing in the towel.. something has to end this downtrend.