Market about to trigger a Bull capitulation moment like 2016?

At the start of 2016, over the course of 4 uncomfortable weeks, the market triggered what could be considered a maximum pressure Bull capitulation moment. Price made 2 lower lows below the Oct 2014 low from 15 months earlier. This likely caused many long term bulls to throw in the towel. Then promptly reversed triggering a major bear trap where price rose more than 10% over 4 weeks.

Interesting similarities...
- roughly 14% corrections
- both markets on track to yearly loss after 2 violent top to bottom corrections

After 2 months of heavy volatility in both directions, a couple of lower lows would cause the many long term bulls to capitulate... interesting weeks ahead.