Holy Grail Part 2

I posted this holy grail chart about 2 weeks ago.   It seemed very good at indicating downturns, and I thought we were at one.
http://oahutrading.blogspot.com/2010/05/methinks-holy-grail.html

This is what the current chart looks like.   I would say we are in for a sled ride.   90% of other classical long term indicators are now pointing down.

I didn't annotate the second chart.  The secret is when the indicator bust the bollinger to the downside and then pops up (it doesn't have to pop the bollinger on the upside, just has to pop upward), then at the point, the market often turns down.

We have just completed a "drop and pop" on this indicator which is bearish.

Comments appreciated. 

 Close up view of recent action