As Ceke2002 has stated, depression pathophysiology is much more complicated than stating certain things go down or up, so we should adjust accordingly. The monoamine hypothesis has been around for a while now, but we're finding out many new things about mood disorders and possibly new targets for therapeutic formulations that certainly indicates that monoamine metabolism is not the only factor that goes into what happens when someone becomes depressed. The dysregulated HPA axis, inflammatory and oxidative stress, neurotrophic factors, and a host of genetic/genomic changes in depression are a few of the theories that are being postulated to be intricately involved in those with severe depression pathology, especially in treatment resistant patients. I am by no means an expert, but I find this stuff rather fascinating and I believe recent technological advances (e.g. using miRNA to characterize genetic irregularities) will definitely give us a clearer picture of what's going on in our heads =). One thing to note, though, is that depressive disorders are highly heterogeneous, and for this reason, you can't view depression as having a singular pathology but rather a syndrome with a variety of etiologies.