It betcha that's what's wrong. :shock:
We've seen two dogs just like it at our clinic this summer. Sometimes it's not blood in there, but just a clear serum. The treatment described in your link is what we did with these dogs, and it worked quite well. One dog responded better than the other, but both eventually resolved. The dog that didn't respond had a problem with the ear filling back up again, so we put a small catheter in it to allow drainage until things had settled down.
You should probably take the dog in and have it treated, because I'm pretty sure this won't clear up without some serious permanent ear damage, and it's pretty darn painful too.
It doesn't take much to do this to an ear, sometimes just head shaking
will bring it on, or maybe scratching.