I watched the ending frame by frame. Finally, Elise looked through the head of the girl in the chair and saw the corner of the camera. The camera was pushed to a long distance from the ceiling. No one or ghost appeared. Because what she saw was basically a child because of the height of the child, the camera's angle of view was just covered by the girl's head. From this, I think there are several possibilities for what Elise saw:
1. The young Josh (confirmed the 8-year-old lurking theory)
2. Dalton was a poor child because his father could not come back
. The doll says seeing a lady with the girl with the ghost-hunting duo (new story?)
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Insidious: Chapter 2 reviews