I'm also losing my traffic since the update in the early April 2009. Around 50% dropped. But Will do wait for the traffic to come back while building more link back to secure the position once the traffic recovered.
Spring break and nice weather will do that every time. I saw big drop since spring break on some sites.
HI I use google alert... and today I posted an article on one of my new wordpress sites... and that was 3 hours ago and I just got an email from google letting me know.. they found it... wow that was fast... anyone else find this... Thx Tom
Honestly, I spent the last three weeks constantly looking for any hint... the only thing that looks like a reliable metric is that IF you fix whatever caused the problem (breaking google webmaster guidelines), write a reconsideration request, you MAY see a turn around in two weeks minimum. If you're a new-ish site throw that advice out the window.
I also lost all my Google traffic on 4/3 on one of my sites. Went from 200-300 visitors a day from Google to 2-3. I made some changes to my site that I though Google may not have liked (removed a reciprocal link request form, removed some links to my other sites, added more content, re-arranged my pages to put all my content together without having it broken up by my affiliate ads). Then I filed a reconsideration request apologizing for what I thought I had done wrong and explaining what I had fixed. Traffic came back on 4/17 stronger than ever. Did my fixes actually make a difference? I have no clue. My site may have just come back on its own. Only Google knows for sure
Congratulations to you, sometimes the adjustment of the search engine will also have the problem of fluctuations in flow