Before revision:  } in terms of the scale function and the L\'evy measure of X , where \tau_a denotes the first-passage time of Y over the level a>0,  \bar{G}_{\tau_a} is the time of the last supremum of X prior to \tau_a and\underline{X is the running infimum of\unl X . We also explicitly identify the distribution of the drawup _{\tau_aat the moment \tau_a, where } = X-\underline{X , and derive the probability of a large drawdown preceding a small rally. These results are applied to the Carr Wu \mbox{%DIFAUXCMD \cite{CarrWu }\hspace{0pt}%DIFAUXCMD modelfor S} P 500. and supremum }\ovl  of X at \tau_a and the undershoot a - Y_{\tau_a-} and overshoot Y_{\tau_a}-a of Y at \tau_a.
After revision:  } in terms of the scale function and the L\'evy measure of X , where \tau_a denotes the first-passage time of Y over the level a>0, \bar{G}_{\tau_a} is the time of the last supremum of X prior to \tau_a and\underline{X is the running infimum of\unl X . We also explicitly identify the distribution of the drawup _{\tau_aat the moment \tau_a, where } = X-\underline{X  Wu \mbox{%DIFAUXCMD \cite{CarrWu }\hspace{0pt}%DIFAUXCMD modelfor S} P 500. and supremum }\ovl of X at \tau_a and the undershoot a - Y_{\tau_a-} and overshoot Y_{\tau_a}-a of Y at \tau_a.