To truly screw the most number of people is to takeout this flag pattern to the upside.. Than spiral down. Remember in late 80's market moved up as interest rates on the long end moved up.
oil market trendline hit, if it busts the first one than the second one in play. There is a chance it bounces of the trendline now, and in the new year retest the lows. this should pressure equities start of new year.
Always trade with the trend . Look to time frames that are least 3 times longer than the frame you are trading for clue to trend direction. It's best to incorporate a 3rd chart no greater than 20 times the length of your trading frame as well for complete filtering.
If you are unable to only trade with the trend, then use a small profit target 2 to 6 points and get out.
The only time it makes sense to trade against the trend is when the top 2 frames are ripe for reversal. Learn how to spot that. It's not hard when using a 3 chart analysis.