Waiting game for signs of capitulation

Dear readers, it does not take a genius to tell that the stock market is dropping literally like a falling rock. And i mean its literally plunging on a straight line move. If you are a long only investor, we should be looking at signs of capitulation. Capitulation is defined in Wikipedia as:

" Market capitulation refers to the threshold reached after a severe fall in the market, when large numbers of investors can no longer tolerate the financial losses incurred.These investors then capitulate (give up) and sell in panic, or find that their pre-set sell stops have been triggered, thereby automatically liquidating their holdings in a given stock. This may trigger a further decline in the stock's price, if not already anticipated by the market. The contrarians consider a capitulation a sign of a possible bottom in prices. This is because almost everyone who wanted (or was forced) to sell stock has already done so, leaving the buyers in the market, and they are expected to drive the prices up.The peak in volume may precede an actual bottom."

Let's take a look at one cyclical stock, United Steel (X), which is more prone to the mood and swing of the economy. Note the gradient of the drop. It is almost strikingly similar to the one back in Mar '09.

United Steel (X) Weekly chart

Now, let's take a look at the daily chart. Again, note the gradient of the drop from a gradual move down to a plunging one. So now, we wait.
 
United Steel (X) Daily chart

Sitting on my hands, for now.