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.
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  _{\tau_aat the moment \tau_a, where } = X-\underline{X , and derive the probability of a large drawdown preceding a small rally.