It is definitely pivotal in price and time.
the problem is: in the long term market have overcome similar situations many times to achieve large rallies... A move down looks very possible but historically these remain rare events (call it 15 times in the last 100 years)
I am anticipating (though i could be wrong) that there will be a sell down and false break down the trendline and eventually became just a spike. And market continue with the uptrend which will be just right for 10 year cycles economic downturn to come
For the past 10 years, 8 of the Dec are Christmas Rally even in 2008!