Yeah , who knows?. Here's your 07/08 time period in a monthly's...

Yeah , who knows?.
Here's your 07/08 time period in a monthly's timeframe All Ords. ('87 was a lot more sudden of course)
Fall, retry over a month or two, then collapse of 50% (?)

(you'll also notice 'overbought' for at least 3 years on RSI at the bottom, hence you can see why I don't generally get too excited about the indicator)

BTW,, My little circle on the second indicator is an indicator typically used on a monthly basis as a safe re-entry into the market after a significant fall. It lags a little but fairly conservative for say an investor to start dipping their toe back in the water.
DYOR