How can it still be red?

Last week there was bad news, and a fast fall of prices. That all makes sense to me.

What does not make sense is that it is still red on day 2, and then again on day 3. Now a weekend has passed, and this morning there is more red. If you hear the bad news, you should either decide to hold, or you should sell immediately. What makes no sense at all is to wait for things to fall a lot, and then sell after three days of falling prices. Who are these people and what are they thinking?