Make or break. Elliot wave count for the capitulation event

Update on my previous idea. The C wave up ended up extending into 4 waves. But that has now completed.

It's make or break for the bear market right now. Personally, I don't see us breaking out of the downtrend. But a fake-out is always possible.

Note that this technical analysis is a small part of the bearish case. The wider macro-economic environment bear case speaks for itself.

I'm long volatility via VIX Call options and CFDs.

What do you guys think?

*not financial advice.