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It would appear that this is precisely the case. The logic circuit calculates the amount of time the sensor circuit has been 'open' for, and then alerts based on a predefined interval. Probably uses a 555 as a timer (little engineering joke after my NPP trials).
Based on the position of the sensor, heavy acceleration wouldn't matter unless you were low, which would then cause the fluid to lift up to the sensor. Again, though, it would need to be on a timed basis.
Our best bet is having something like Hawk03 described - a simple LED that lights once the circuit opens from low fluid.