Capitulation occurs with a final big drop in price with a high volume of trades. I would be a more convincing capitulation if the volume was about double what it was today. But that being said you may be right about capitulation. Other corroborating characteristics of a capitulation are that the shorts are out in force on the message board today, the number of posters that attacking management, and the number of posters that come across as near suicidal over the drop today. If the stock is not at the bottom it is near the bottom.