Don't you need to have the Alexa browser bar installed for Alexa to know what sites you view? I think so.
So, if Alexa saw lots of traffic and then none, wouldn't it be that someone with the Alexa bar was surfing your site, but then that person (or group of persons) left? There may be other people hitting your site, but if they don't use Alexa, they won't register.
-Tony
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