What do you mean by this? How does a virus burn itself out? Are you're assuming the drop in infection rate is due to immunity developing in people, rather than the effect of the lockdown and alcohol ban? This may not be the case. Are you also assuming that once infected, a person is immune far into the future? Again, this may not be the case.
I mean burned themselves out as in like a dead fire they no longer appear alive in a sense that they can kill people in significant numbers. They have done what they could and have disappeared into the mists from where they came.
The recent lockdown and alcohol bans in the Western Cape happened after the second wave had already peaked and appear to have had absolutely no effect at all except to keep a few extra trauma patients out of the hospitals. The barn door was shut after the horse had already bolted. SA style lockdowns really don't do much in my opinion.
Yes I believe the waves rise when there are enough susceptible people to infect with a particular strain and then subside when too many are resistant to it and the virus can no longer easily find sufficient hosts.
It may be that people can be reinfected in significant numbers by the same or similar strain but to cause a proper wave like we have seen these last two times seems to imply that too small a percentage of the population had any significant immunity.
I feel that the second wave was caused by a more capable strain finding hosts where the weaker strains were unable to. A third wave is therefor only likely if an even more powerful strain emerges and then only if there are really any people who can be infected. Our current two waves have probably given a certain amount of immunity to a larger than expected percentage of the population.
It seems to me that only a really powerful new strain could infect a significant portion of the remaining population that have not already had one of the first strains.