Your right I should not depend much on SERP.. Maybe I should try posting on classified sites to improve my referral traffic since this is another way where can get traffic as of now..
it's the kind of dance that doesn't please all the crowd in the club... some like it, some don't... and those who liked it 1 day, doesn't mean they will like it the next it's a like a freestyle dance that doesn't always follow the rhythm No but seriously, the proper term for google dance is "google fluctuations" (look it up on wiki)... it's when all datacenters are trying to synchronize...
Google dance doesn't exist anymore so it's sure that you are not experiencing google dance. It must be some other issue, I got a huge SERP traffic drop due to losing rankings for my keywords and also google stopped indexing my newer pages. But after consulting with google forum helpers I fixed some broken links, made a new robots.txt and nofollowed all affiliate links and kept patience. Couple of days later google indexed all my newer posts that weren't getting indexed. Although the ranking drop issue is still there but I will think of it as a competition issue, not a penalization or google dance issue. Just get more relevant backlinks. When I first thought of my problem as a google dance and refer to it to Phil Payne(Top Contributor in Google Forum) he told me,