I think the main reason the penalty was given is that Carragher holds onto him for too long. The reason he holds on is because he's falling over.
If he lets go at the point in the picture, which is just as he's starting to fall, I think he gets away with it. Also, Walters has turned away from goal and has less chance of chance of scoring than he had just moments before, so Carragher can probably afford to fall over as the other defenders would likely have got back, or Reina would have closed him down.
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If he lets go at the point in the picture, which is just as he's starting to fall, I think he gets away with it. Also, Walters has turned away from goal and has less chance of chance of scoring than he had just moments before, so Carragher can probably afford to fall over as the other defenders would likely have got back, or Reina would have closed him down.

